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The project concerns the purchase by the EIB of Green Bond instruments issued by Electrica under its Green Financing Framework. The proceeds resulting from the operation will finance new eligible projects in Romania, compliant with the EIB 's Climate Action and Environmental Sustainability (CAES) framework and eligibility criteria.
The aim is to contribute to climate action and environmental sustainability (CA&ES) objectives, in particular to climate mitigation, and pollution prevention and control. The operation is in line with Article 309 point (a) projects for developing less-developed regions and point (c) common interest of the Treaty on the functioning of the European Union.
Some schemes covered by the operation may be subject to an Environmental Impact Assessment (EIA). These schemes will fall under Annex I or II of the EIA-Directive 2011/92/EU as amended by Directive 2014/52/EU, requiring either an EIA including public consultation, or screening by the national competent authority on the basis of Annex III of the same Directive, to determine the need for an EIA. The promoter will need to comply with sustainability-related disclosure requirements under national and EU legislation, which is applicable to its activities, e.g. publication of EIAs. If EIAs of the underlying schemes are not published by the competent authorities, the promoter will need to ensure the EIAs are made public, to ensure compliance with the Bank's Transparency Policy. In any case, the promoter will need to keep the EIAs on file and ensure that the environmental permit requirements are adequately implemented. Environmental and social due diligence will focus on the capacity of the promoter to identify, assess, manage and monitor environmental, climate and social effects, and to ensure that underlying schemes comply with national and EU legislation, as applicable, and with EIB Environmental and Social Standards (ESS) and relevant guidelines. This due diligence will be based on public and non-public information.
The Bank will require the promoter to ensure that contracts for implementation of the project will be tendered in accordance with the applicable EU procurement legislation, Directive 2014/25/EU as well as Directive 92/13/EEC or Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.