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Programme loan to support small to medium-sized renewable energy (wind, solar photovoltaic and, to a small extent, biofuels) and energy efficiency projects throughout Italy, to be carried out by selected private and/or public promoters. Some of the projects will be located in cohesion regions.
The project concerns a Programme Loan ("PL") targeting energy efficiency projects (mainly in buildings and small/medium-sized enterprises) as well as small/medium renewable energy projects (mainly photovoltaic, wind and biogas) in Italy trough acceptable promoters (banks, utilities, energy service companies, etc.) who will play the role of aggregators of small energy projects and on lend to the final beneficiaries.
The EIB financing will help promoters to accelerate the implementation of energy efficiency ("EE") and renewable energy ("RE") schemes, hence contributing to the Bank's priority in the energy sector and climate action objectives and contributing to both national and EU 2030 climate objectives. As the majority of the RE investments are expected to be located in EIB Cohesion Priority Regions, the Bank will also contribute to economic and social cohesion. This operation addresses the market failures linked to RE and EE, reducing carbon emissions and air pollution. The Project is fully aligned with the EU's priorities and goals established in the European Green Deal (particularly in the renovation wave for EE). It will foster economic growth and qualified employment. The Project will also contribute to improved energy market efficiency and market integration. The proposed loan is expected to lower the cost of funding of the underlying projects and to offer terms and conditions (disbursement mechanics, interest rate options) more flexible than those normally offered by other financiers. The EIB support will therefore contribute to the projects' financial sustainability, crowding-in other financiers The EIB contribution is even more evident under the current market instability and turmoil generated by the CoViD-19 pandemic and the Russia-Ukraine crisis.
This operation intends to bring positive environmental benefits by promoting the application of renewable sources and energy efficiency projects that reduce greenhouse gas emissions, and reduce energy consumption, and thus help to mitigate climate change. The individual schemes to be financed within the sub-operations under this PL are small and are expected to have limited negative environmental impacts. Some of the renewable energy investments could fall under Annex II of Directive 2014/52/EU amending the EIA Directive 2011/92/EU. The assessment of the environmental and social impacts will be part of the standard due diligence process that the Promoters will have to carry out for each underlying investment. The Promoters will have to ensure that sub-operations and the underlying investments are in compliance with national law, EU environmental legislation (notably, EIA Directive 2014/52/EU amending the 2011/92/EU, Habitats Directive 92/43/EEC, Birds Directive 2009/147/EC amending 79/409/EE, Industrial Emissions Directive 2010/75/EU), as well as the EIB Environmental and Social Standards. Details of the Promoter's capacity to ensure compliance of investments with relevant EU and national regulation and EIB's Environmental and Social Standards will be reviewed during appraisal of the individual sub-operations.
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, (Directives 2014/24/EU and/or 2014/25/EU and/or 2014/23/EU where applicable, as well as Directives 89/665/EEC and 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.