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The project will finance selected investments in Research, Development and Innovation (RDI) and sustainable initiatives during the 2024-2027 period in Spain. RDI activities concern the promoter's strategic business areas, such as innovative client solutions, cybersecurity and automation, new technologies for both electricity networks and renewable energy.
The aim is to finance the promoter's RDI programme focusing on renewables and electricity networks pilot projects, energy markets, IT infrastructure including smart solutions and cybersecurity. This operation will partially contribute towards climate action objectives.
The Project is an investment programme of selected investments in Research, Development and Innovation (RDI) in the promoter's strategic business areas over the period 2024-2027.
EIB financing covers a fundamental market failure related to access to finance for RDI projects such as Iberdola's and the related informational inefficiencies. The Promoter's RDI is ultimately targeted at building its competencies for the future, thus a considerable part of the investment costs are targeted towards the cross-cutting objective of climate change mitigation for RDI on renewable energy sources. The Project has been scoped to be fully aligned with the Bank's Energy Lending Policy and Public Policy Goals.
The financing through the EIB will strengthen the Promoter's capability to implement its innovation strategy, complement other financing sources and improve its credit risk profile by extending the debt maturity profile. EIB's favourable customised terms are highly appreciated by the Borrower. Therefore, the loan is expected to provide a positive signalling effect in the market.
RDI activities that will be carried out in existing facilities without changing their already authorised scope. The project will therefore not require an Environmental impact assessment (EIA) under the directive 2014/52/EU amending directive 2011/92/EU. In case the project includes schemes that require EIA, the promoter will be requested to comply with applicable EU legislation, as appropriate. An EIA as per Directive 2014/52/EU amending the EIA Directive 2011/92/EU as well as the relevant Habitats and Birds Directives (92/43/EEC and 2009/147/EC respectively) might be needed for certain energy generation, transmission and distribution projects within the scope of financing. The Bank's services will verify relevant environmental details during the appraisal.
The promoter has to ensure that contracts for implementation of the project have been/will be tendered in accordance with the applicable EU procurement legislation, for contracts above the threshold 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.