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The project will finance investments focusing on reconstructing the electricity distribution network damaged by the devastating floods in Valencia, in October 2024.
The aim is to contribute to the security of supply by delivering a more resilient and reliable distribution network.
The Project includes reconstruction and climate adaptation investments in electricity distribution following the devastating 2024 floods in the region of Valencia. The capital expenditures will contribute to maintaining or increasing security of supply.
The Project is expected to contribute to Bank's lending priority objectives on Climate Action and Environmental Sustainability and it aligns with the REPowerEU objectives. The financing of the Project will contribute to the Bank's Energy Lending Policy themes on Securing the Enabling Infrastructure (energy networks).
The operation addresses a number of market failures, including increasing security of energy supply, in the context of extreme weather events and of growing integration of electricity production from renewable energy sources, which has dimensions of public good.
The Project is expected to deliver good economic benefits and good social benefits. The Promoter is experienced in works of this nature and has a sound project management system in place.
The EIB's financing provides an additional source of funding to the Promoter, which is currently one of the major operators in the electricity distribution sector in Spain. The Bank's financial contribution is considered very good and valuable to the client, as the EIB's offering more flexibility (availability period, length of the loan and grace period, flexibility of drawdowns) than market alternatives.
The programme comprises several electricity distribution schemes with voltages ranging from 0.4 kV up to 132 kV. Some of these schemes may fall under Annex II of environmental impact assessment (EIA) Directive 2011/92/EU as amended by Directive 2014/52/EU, which requires the competent national authority to determine the need for an EIA. Where, and if applicable, the requirements of Birds Directive 2009/147/EC and Habitats Directive 92/43/EEC will be verified during appraisal. The environmental and social due diligence will focus on the Promoter's capacity to implement the programme in line with the EIB environmental and social standards and requirements. The project is expected to contribute to climate action and environmental sustainability (CA&ES) objectives, in particular to climate mitigation and climate adaptation.
The Bank will require the Promoter to ensure that contracts for the implementation of the project are tendered in accordance with the applicable EU procurement legislation, Directive 2014/25/EU as well as Directive 92/13/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.