Release date: 15 May 2015
Promoter – Financial Intermediary
PIAGGIO & C SPALocation
Description
Financing of Piaggio's Research & Development activities.
Objectives
The project concerns the promoter’s R&D investment for the development of technologies and products for scooters, motorcycles and light commercial vehicles. The focus of the R&D is put mainly on the areas of safety, sustainability and client satisfaction.
Sector(s)
Proposed EIB finance (Approximate amount)
EUR 60 million
Total cost (Approximate amount)
EUR 140 million
Environmental aspects
The project concerns investments in research and development that are expected to be carried out in existing facilities without changing their already authorised scope. An Environmental Impact Assessment (EIA) would therefore not be required by EIA Directive 2011/92/EU. The results of this R&D project are expected to contribute to reductions of Green House Gases (GHG) from vehicles.
Procurement
The promoter has been assessed by EIB as being a private company not operating in the utilities sector and not having a status of a contracting entity, thus not being subject to EU rules on public procurement. However, if after the project appraisal, the EIB were to conclude that the promoter is after all subject to EU public procurement legislation (i.e. Directive 2004/17/EC), then the Bank would require the promoter to ensure that contracts for the implementation of the project have been/will be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2004/17/EC and Directive 92/13/EEC).
Status
Signed - 3/12/2015