NATIXIS RISK SHARING CLIMATE ACTION

Promoteur – Intermédiaire Financier

NATIXIS

Lieu

• Pays de l’UE

Description

The delinked risk sharing with Natixis, on an existing portfolio of Project Finance loans in the renewable energy and infrastructure sectors. With the resources made available by the Bank, Natixis will grant new loans to eligible climate action project transactions (mainly renewable energy) primarily in Italy, but possibly also other EU countries.

Additionality and Impact

This operation increases renewable energy generation capacity in the EU and contributes to the EU 2030 climate objectives, also in the context of the RePowerEU Action Plan. The operation will finance multiple renewable energy projects, each of them producing electricity from low carbon sources, including mainly solar PV plants and onshore wind farms.

The operation will address the market failure of negative climate and environmental externalities by reducing carbon emissions and other air pollution compared to fossil-fuel generation. The project is expected to generate a broader positive social benefit by producing renewable electricity at a cost below the cost of fossil-fuel based alternatives.

Natixis is an experienced and well-known EIB counterpart. The FI has shown a good track record in the renewable energy sector in Europe, a good governance system and strong project management capabilities to appraise and monitor the subprojects. The Bank will provide a meaningful part of the total financing needs of the projects, which are expected to rely on revenues from the market. This operation improves market efficiency and competition in a sector characterized by incomplete markets. EIB funding contribution to projects through Natixis, in structures with customized debt terms, favourable financing conditions and long-term tenors, will help to accelerate the financing of Climate Action projects. EIB will support Natixis' participation in these higher risk structures to achieve the desired impact.

Objectifs

The aim is to enhance access to finance for eligible renewable energy projects across the EU and thus contribute to the EU-wide target of 32% of renewable energy in gross final energy consumption (RES) by 2030 as set out in the EU RE Directive 2018/2001. As a number of projects should be located in EIB Cohesion Priority Regions, the operation is also eligible under Article 309 (a) "projects for developing less-developed regions" and (c) "common interest". Ultimately, this project will contribute to the EIB's lending priority policy on social cohesion, renewable energy and climate action.

Secteur(s)

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

Montant BEI envisagé (montant approximatif)

EUR 150 million

Coût total (montant approximatif)

EUR 300 million

Aspects environnementaux

The Bank's services will verify that the projects and associated transmission lines fall within Annex II of the Environmental Impact Assessment (EIA) Directive (Directive 2011/92/EU amended by the EIA Directive 2014/52/EU 2011/92/EU). All the projects shall be screened in by the competent authority and be subject to an environmental impact assessment (EIA) process, in order to obtain the required environmental permits. All the projects and associated infrastructure shall be located outside Natura 2000 sites or other protected areas. The authorisation procedure and compliance with the relevant EU directives, specifically Habitats and Birds Directives (92/43/EEC and 2009/147/EC respectively), will be further assessed at appraisal, in particular the potential cumulative impacts assessment and the impacts on protected flora and fauna, including Natura 2000 sites.

Passation des marchés

The expected final beneficiaries have been assessed by the EIB as being private companies not being subject to EU rules on public procurement or concessions. However, the Bank will require Natixis to take all the requisite measures to ensure that the procurement procedures carried out by the final beneficiaries for the sub-projects comply with the relevant EU legislation and the applicable national legislation.

Statut

Signé - 19/12/2024