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Signature(s)

Amount
€ 40,000,000
Countries
Sector(s)
Greece : € 40,000,000
Transport : € 40,000,000
Signature date(s)
22/12/2022 : € 40,000,000

Summary sheet

Release date
17 February 2023
Status
Reference
Signed | 22/12/2022
20210301
Project name
Promoter - financial intermediary
MOTOR OIL E-CHARGING STATIONS & HYDROGEN
MOTOR OIL (HELLAS) CORINTH REFINERIES SA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 40 million
EUR 84 million
Location
Sector(s)
Description
Objectives

The project concerns the deployment of an Electric Vehicle Charging (EVC) network and the development of Hydrogen infrastructure for transport. The EVC network will include fast charging type. The Hydrogen transport infrastructure includes an electrolyser for hydrogen production, as well as filling terminal to load the trailers, hydrogen trailers and Hydrogen Refuelling Stations (HRS).

The main objective of the project is to accelerate the transition to a zero-emission electric and hydrogen-powered mobility in Greece by rolling out the associated electric charging and hydrogen refuelling infrastructure.

Additionality and Impact

The project concerns the deployment of alternative fuel infrastructure for zero emission vehicles (ZEV). The project contributes to the EIB's objective of sustainable transport, decarbonisation, development of TEN-T infrastructure thereby supporting EU policy objectives. The project is fully aligned with the European Commission sustainable transport and low-emission mobility policies.


The ZEV market including electric and hydrogen vehicles is at a very early stage of development in Greece with significant operational performance uncertainty and high upfront costs.

The ZEV market is subject to network effect and depends upon the size and availability of the associated public EV charging and Hydrogen Refueling stations network, which is at a very early stage in Greece.


This project contributes to the deployment of alternative fuels, thereby contributing to reducing the negative environmental externalities of road transport, in the form of the reduction of CO2, air pollutants (Nitrogen Oxides, Particulate Matter), also aiming to reduce the fuel consumption costs for transport operators, mostly Small and Medium Enterprises, and consumers.


The EIB would 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, as well as more favourable terms under various other dimensions (such as longer availability and grace period).


The EIB's contribution to this investment is expected to materially contribute to the Promoter's effort to meet its ESG targets and crowd-in Green Finance investors. The EIB's financing would also provide a signalling effect on the soundness and quality of the project, facilitating funding from commercial banks.


Finally, the EIB decision to finance the project is key for the promoter's application to the CEF Alternative Fuel Infrastructure Facility ("AFIF") grant.

Environmental aspects
Procurement

A more specific analysis of environmental aspects in relation to the deployment of the infrastructures of production, refuelling and storage of hydrogen, will reviewed during appraisal, including Environmental Impact Assessment (EIA) aspects. The project will also be reviewed for Paris alignment in accordance with the policies set out in the EIB's Climate Bank Roadmap. By rolling out a zero-emission vehicles charging and hydrogen refuelling stations infrastructure, the project is expected to generate environmental economic benefits in terms of reduced air pollution (Nitrogen Oxides, Particulate Matter), reduced greenhouse gas emissions and lower noise.

The promoter has been assessed by 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 (i.e. Directive 2014/24/EC), then the Bank would require the promoter to ensure that contracts for the implementation of the project have been and will be tendered in accordance with the relevant applicable EU procurement legislation Directive 2014/24/EC), as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.

Milestone
Under appraisal
Approved
Signed
10 October 2022
22 December 2022
Related projects
Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Data Sheet (ESDS) - MOTOR OIL E-CHARGING STATIONS & HYDROGEN
Publication Date
8 Mar 2023
Document language
Main Topic
Lending
Document Number
159978419
Document Focus
Environmental Information
Project Number
20210301
Sector(s)
Regions
Countries
Publicly available
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