HELSINKI CROWN BRIDGES LIGHT RAIL

The project concerns the construction of the Crown Bridges light rail line in the City of Helsinki, the construction of a new depot and the acquisition of related rolling stock and ancillary works relating to the light rail line. The Crown Bridges light rail will connect the suburbs of Laajasalo, Korkeasaari and Kalasatama to Helsinki city centre. It will also provide a new route for cyclists and pedestrians.

The aim is to support investments in sustainable urban public transport. The new light rail line will provide a direct and segregated link to the city centre, which will reduce air pollution and greenhouse gas emissions (transport externalities) as well as travel times.

The project concerns the extension of the existing tram system in the city of Helsinki, including depot infrastructure, rolling stock acquisition and associated works and systems. 

The Project complies with the Bank's Paris Alignment criteria as defined in the CBR (Climate Bank Roadmap) and is fully consistent with the EIB Transport Lending Policy. The Project's contribution to the Bank's climate action (CA) and environmental sustainability (ES) objective is 100% of the total cost.

The Project is expected to increase accessibility to the public transport network and the quality of trams services, which in turn is expected to reduce negative externalities of road traffic, improve air quality and reduce GHG emissions from transport in Helsinki. 

The EIB financing will offer flexible terms with a favourable availability period offering the possibility to match the drawdown profile with the project outflows as well as a long maturity. The operation will also provide the Borrowers with diversification of their funding sources. 

The promoter's environmental management capacity to apply the relevant EU Directives will be verified during appraisal, particularly with regard to the EU environmental impact assessment (EIA) Directive 2011/92/EU (amended by 2014/52/EU), EU SEA Directive 2001/42/EC, EU Habitats Directive 92/43/EEC and EU Birds Directive 2009/147/EC. The project falls under Annex II of the EIA Directive under which the environmental Competent Authority decides case-by-case whether a formal EIA is required. Compliance with the relevant Directives will also be further assessed during project appraisal. The project is expected to contribute to climate action and environmental sustainability (CA&ES) objectives, in particular to climate mitigation and pollution prevention.

The EIB will require the promoter to ensure that contracts for implementation of the project have been and will be tendered in accordance with the applicable EU procurement legislation, for contracts above the threshold; namely Directive 2014/24/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.