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ORES will invest over EUR 800 million for its capital expenditures programme to support the energy transition for the years 2025-2026. This will include the modernisation, upgrade and extension of the electricity network grids.
The investments into the electricity distribution network of the Promoter will allow for refurbishment and expansion of the network and its preparation for decentralised feed-in from renewable energy sources.
The project fuels Europe's Energy Transition by helping to close the investment gap in electricity grid infrastructure which is vital for sustainable energy. Aligned with the EU's Clean Industrial Deal, Affordable Energy Action Plan, and Grid Action Plan, it bolsters climate-resilient networks.
The promoter's CAPEX plan includes investments in electricity distribution in Wallonia (Belgium). The project will contribute to maintaining or increasing security of supply in the context of growing electricity demand, from heating and mobility in particular, and growing integration of electricity production from renewable energy sources. The project is expected to contribute to EIB's lending priority objectives on Climate Action and Environmental Sustainability and it aligns with the REPowerEU objectives. The operation addresses a number of market failures, including increasing security of energy supply, and the integration of low-carbon generation, which reduces carbon emissions and air pollution, with positive climate and health externalities.
The investments contribute to achieving EU and national targets, as set out in the 2030 National Energy and Climate Plan of Belgium. 84% of the programme will benefit cohesion regions. The programme has good economic rate of return and social benefit and its implementation generates additional employment. The capacity and expertise of the promoter are considered appropriate for the proposed project.
EIB support to ORES is expected to provide tangible value added benefit contributing to the promoter's capital intensive programme by offering more flexible terms compared to the commercial banks. The flexible financial product offered allows the borrower to diversify its funding sources. The Bank's capacity to extend a sizeable loan from one source is highly appreciated by the client.
Where and if applicable, and based on a risk-based approach as defined in the EIB Group environmental and social (E&S) policy, the requirements of the Environmental Impact Assessment (EIA) Directive 2011/92/EU as amended by Directive 2014/52/EU, Birds Directive 2009/147/EC and Habitats Directive 92/43/EEC will be checked during appraisal. The schemes are expected to have limited environmental impact.
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 2014/23/EU / 2014/24/EU / 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.