DRIVALIA ITALY CLEAN FLEET TRANSPORT

Deployment of a fleet of about 2,900 zero-emission electric vehicles (EVs) in Italy and Finland. These EVs will be leased by the promoter under long-term contracts to corporate clients.

The aim is to accelerate the transition towards zero-emission road transport, which will generate substantial environmental economic benefits by reducing greenhouse gas emissions, air pollution and noise. The project will also contribute to support the development of the cleaner automotive industry through the accelerated deployment of electric vehicles and, indirectly, their associated infrastructure. Finally, this project addresses the sub-optimal investment situations associated with imperfect competition and incomplete markets, by contributing to increase the level of competition and enable the development, adoption and scale-up of electric vehicles.

The project concerns the deployment of a fleet of zero-emission electric vehicles with the goal of reducing road transport carbon emissions. The project contributes to the EIB's objectives of sustainable and decarbonised road transport thereby supporting EU policy objectives. The project is consistent with the EU Green Deal and the Sustainable and Smart Mobility Strategy as well as the Bank's CBR and Transport Lending Policy.

The project also supports Tech EU objectives as it involves the early deployment of electric vehicles that are European-branded and assembled within the EU, which aligns with TechEU's aim to scale up innovative clean technologies within the EU. It supports the strengthening of the EU's industrial base in sustainable mobility, a key focus of TechEU.

The project is expected to be 100% aligned to CA&ES objectives   and therefore eligible under Article 309 point (c) projects of common interest. Investments located in regional development areas will also be eligible under Article 309 point (a) projects for developing less-developed regions.

The project is part of the Promoter's long-term strategy for a sustainable business development. The EIB's contribution to this investment in fleet decarbonisation is expected to materially contribute to the Promoter's effort to meet its ESG targets and crowd-in Green Finance investors. EIB will provide an adequate financing to the borrower, allowing it to further diversify its financing sources. The Bank's tailor-made product would provide the company with a longer maturity than the ones available on the market and more aligned with the expected lifetime of the project. EIB's financing would also provide a signalling effect on the soundness and quality of the project, facilitating funding from commercial banks.

The new vehicles are expected to be much cleaner than market average. Significant benefits in terms of fuel consumption, reduced polluting and carbon emissions are expected and will be further assessed during appraisal. The acquisition of vehicles does not fall under Annex I and II of the Environmental Impact Assessment (EIA) Directive 2014/52/EU (amending 2011/92/EU). Nevertheless, all environmental issues including possible environmental and operational authorisations, will be reviewed during the due diligence process.

The promoter has been assessed by the EIB as being a private company not being 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 2014/25/, 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 2014/25/EU, where applicable, as well as Directive 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.