Übersicht
The project consists in a funded de-linked risk sharing operation with BBVA concerning an existing portfolio of project finance loans, including renewable energy, infrastructure and other sectors. Through the EIB resources, the intermediary will provide new loans to eligible beneficiaries investing in renewable energy and other sustainable projects, in Spain and across Europe.
The aim is to provide new loans to support eligible renewable energy transactions in Spain and across Europe. The operation contributes to the EU-wide target of 32% of energy from renewable sources in gross final energy consumption (RES) by 2030, as set out in the EU RE Directive 2018/2001). Additionally, it further contributes towards the national renewable energy targets, including Spain's Integrated National Energy and Climate Plan (NECP), which aims for 42% renewable energy in the final energy consumption (RES) by 2030. It is envisaged for a number of projects to be located in EIB Cohesion Priority Regions. The project is therefore eligible under Article 309 (a) projects for developing less-developed regions and (c) common interest. Financing this project will contribute to the EIB's lending priority policy on social cohesion, renewable energy and climate action.
This operation increases renewable energy generation capacity in the EU and contributes to the EU 2030 climate objectives, also in the context of the RePowerEU Action Plan. The operation will finance multiple renewable energy projects, each of them producing electricity from low carbon sources, including mainly solar PV plants and onshore wind farms.
The operation will address the market failure of negative climate and environmental externalities by reducing carbon emissions and other air pollution compared to fossil-fuel generation. The project is expected to generate a positive social benefit by producing renewable electricity at a cost below the cost of fossil-fuel based alternatives.
BBVA is an experienced and well-known EIB counterpart with a good track record of energy efficiency operations with the Bank. The FI has shown a good track record in the renewable energy sector in Spain, a good governance system and strong project management capabilities to appraise and monitor the sub-projects. The Bank will provide a meaningful part of the total financing needs of the projects, which are expected to partially rely on revenues from the market. This operation improves market efficiency and competition.
EIB funding contribution to projects through BBVA, in structures with customized debt terms, favourable financing conditions and long-term tenors, is critical for projects with a high Climate Action component, which typically require longer investment periods. EIB will support BBVA's participation in these structures to achieve the desired impact.
The EIB will verify that the projects and associated transmission lines fall within Annex II of the Environmental Impact Assessment (EIA) Directive (Directive 2011/92/EU amended by the EIA Directive 2014/52/EU 2011/92/EU). All the projects shall be screened in by the competent authority and be subject to an environmental impact assessment (EIA) process, in order to obtain the required environmental permits. All the projects and associated infrastructure shall be located outside Natura 2000 sites or other protected areas. The authorisation procedure and compliance with the relevant EU directives, specifically Habitats and Birds Directives (92/43/EEC and 2009/147/EC respectively), will be further assessed at appraisal, in particular the potential cumulative impacts assessment and the impacts on protected flora and fauna, including Natura 2000 sites.
The expected final beneficiaries have been assessed by the EIB as being private companies not being subject to EU rules on public procurement or concessions. However, the Bank will require BBVA to take all the requisite measures to ensure that the procurement procedures carried out by the final beneficiaries for the sub-projects comply with the relevant EU legislation and the applicable national legislation.