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The multi-annual investment programme (2023-2027) will support a local utility in the energy sector (electricity networks and district heating)
The aim is to enable the promoter to connect new users as well as to maintain or improve the reliability and quality standards of electricity and district heating supply. The project, which will contribute to the EIB's lending priority related to Climate Action and Environmental Sustainability as well as REPowerEU objectives., is eligible under Article 309, point c) common interest (energy security). Additionally, it will support the EIB's Energy lending policy themes on Securing the Enabling Infrastructure (electricity and district heating networks) and Decarbonising Energy Supply (district heating).
The project contributes to meeting security of supply objectives, improving integration of renewables and it complies with the efficiency criteria defined in the EU Energy Efficiency Directive in the district heating sector. It is aligned with the objectives of Bank's Energy Lending Policy (Energy Efficiency, Decarbonising Energy Supply, Securing the Enabling Infrastructure), the Climate Bank Roadmap , and it complies with the Climate Action Objective. The project is in line with the Climate policy targets of Germany. The project will generate good economic returns.
The promoter is experienced in works of this nature and has a sound project management system in place.
In financial terms, the EIB loan is expected to allow the borrower to diversify its funding sources (with first time financing from EIB) at attractive financial conditions, with a long term tenor (at least 20 years) and grace period (up to 2 years), reflecting the average economic life of the assets. The EIB loan also allows a high flexibility in the use of the credit line, with limited commitment fees over a 4 year availability period. In non-financial terms, the granting of the EIB loan is considered to have a positive signalling and catalytic effect.
The project schemes are expected to have limited residual environmental impact. Some of the project's components fall under Annex II of the Environmental Impact Assessment (EIA) Directive (2014/52/EU amending the EIA Directive 2011/92/EU), which requires the competent national authority to determine the need for an EIA. None of the indicatively schemes envisaged for financing are however expected to meet the requirements for an EIA. Nonetheless a condition will be included in the finance contract requiring that the promoter completes any EIA or nature conservation area impact assessment and receives approval from the competent authorities prior to allocating the EIB's funds to the project scheme, and that copies of the relevant documents, including the consents, are provided to the EIB.
The promoter confirmed that it is a contracting authority or a public undertaking in the sense of the EU procurement policies complying with the legal procurement requirements accordingly. That might include to procure supply and works contracts through joint qualification systems, as appropriate.