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    Référence: 20200899
    Date de publication: 2 septembre 2021

    Promoteur – Intermédiaire Financier

    BEN OLDMAN ADVISORS SARL

    Lieu

    Description

    The proposed EIB operation will finance a lending vehicle that will provide unitranche loans to solar photovoltaic (PV) and wind on-shore projects in Iberia.

    Additionality and Impact

    The proposed EIB operation is a senior Framework Loan to a lending vehicle (the "Vehicle") created to provide tailor-made senior loans to merchant solar PV and wind on-shore projects in Iberia (Spain and Portugal) developed by small and medium size developers. 


    The projects financed by this operation will increase the renewable energy generation capacity in Spain and Portugal and will contribute to national and EU 2030 climate objectives.The financing of this project also contributes to the Bank's lending priority objectives in renewable energy, climate action, and economic and social cohesion. Electricity will be produced from low carbon sources (solar PV and on-shore wind),addressing the market failure of negative climate and environmental externalities, through the reduction of carbon emissions and air pollution (compared to fossil-fuel generation).The projects will rely on revenues from the market (the wholesale market and unsubsidized commercial PPAs), in a sector characterised by incomplete markets and thereby, the projects will improve market efficiency and competition.It is expected to yield very good quality and results due to excellent social benefits and fair employment creation.With the appropriate conditions in place, the project is acceptable for financing in environmental and social terms.

    Objectifs

    The proposed EIB operation will finance a Vehicle that will provide unitranche loans to solar PV and wind on-shore projects (SPVs) in Iberia (Spain and Portugal). The vehicle is promoted and managed by Ben Oldman (the Promoter) and expects to invest EUR 200 million through unitranche loans in 2-3 years. The vehicle will be funded by a junior bond subscribed by investors and by a senior facility provided by EIB.

    Secteur(s)

    • Énergie - Production et distribution d'électricité, de gaz, de vapeur et d'air conditionné

    Montant BEI envisagé (montant approximatif)

    EUR 100 million

    Coût total (montant approximatif)

    EUR 285 million

    Aspects environnementaux

    Details of the Promoter's environmental and social due diligence procedures for ensuring compliance with relevant EU and national legislation and EIB's Environmental and Social Standards as well as the capacity of the Promoter to assess and monitor environmental and social risks and impacts, will be reviewed during appraisal. The assessment of the environmental and social impacts and risks will be part of the standard due diligence process that the Fund will have to carry out for each underlying investment, thereby ensuring that the portfolio and these investments are in compliance with national law, EU environmental legislation as well as the EIB Environmental and Social Standards.

    Passation des marchés

    The Promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if after the project appraisal, the EIB were to conclude that the Promoter is after all subject to EU public procurement legislation (Directive 2014/23/EU / 2014/24/EU 2014/25/E), where applicable, then the Bank would require the Promoter to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2014/23/EU /2014/24/EU / 2014/25/EU) where applicable, as well as Directive 92/13/EEC or Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with the publication of tender notices in the Official Journal of the EU, as and where required.

    Statut

    Signé - 17/12/2021

    Clause de non-responsabilité

    Avant d’être approuvés par le Conseil d’administration et avant la signature des prêts correspondants, les projets font l’objet d’une instruction et de négociations. Par conséquent, les informations et données fournies sur cette page sont indicatives.
    Elles sont fournies à des fins de transparence uniquement et ne peuvent être considérées comme représentant la politique officielle de la BEI (voir également les notes explicatives).

    Mots-clés correspondants

    Portugal Espagne Énergie