PIAGGIO R&D II

Financing of Piaggio's Research & Development activities

The main objectives of the R&D programme of the promoter are active, passive and preventive safety, improvement of thermal motor technology; development of hybrid and alternative-fuel vehicle technology; development of electric motors; reduction of emissions; development of innovative Powered Two-Wheelers (“PTWs”) and new light commercial vehicle concepts. The project will be carried out in Italy.

The project concerns primarily investments in research and development that are expected to be carried out in existing facilities already authorised and would therefore not require an EIA under Annex II of the Directive 85/337/EC, amended by Directives 97/11/EC and 2003/35/EC. In addition it includes capital expenditures related to the R&D activities and the pre-industrialisation of the products. Whether these investments concern test benches for engines, which fall under Annex II of the EIA Directive, along with any other environmental issues, will be clarified during the project’s appraisal.

The promoter is a private company operating in the manufacturing sector, not covered by EU Directives on procurement. Procurement is expected to be in line with EIB guidelines for private sector projects, but nevertheless the Bank’s services will verify details during the project’s due diligence.

The project may be financed under the Risk Sharing Finance Facility (RSFF), which is an innovative credit risk sharing scheme jointly set up by the European Commission and the European Investment Bank to improve access to debt financing for private companies or public institutions promoting activities with a higher financial risk profile in the fields of research, technological development, demonstration and innovation investments.