LSCT UPDATED INVESTMENT PROGRAM

The project consists of an investment programme aiming at increasing the capacity and improving the efficiency of a container terminal of the Port of La Spezia operated by the Promoter, LSCT, under a concession granted by the public port authority.

The project is located in a port on the North West coast of Italy, which is part of the core Trans-European Transport Network (TEN-T) network and included in the Scandinavian - Mediterranean Corridor. The project consists of an investment programme aiming at increasing the capacity and improving the efficiency of a container terminal operated by the Promoter, under a concession granted by the public port authority (Autorità di Sistema Portuale del Mare Ligure Orientale). The works are in accordance with the current overall port master plan. The project includes two different phases. The first one will extend the existing terminal yard by building a new quai and reclaiming additional land to the sea. Still included in this phase is the pavement of this new area, as well as the required handling equipment, as necessary to make it operational. The second phase will revamp the current operational setting of the terminal yard, also by replacing the existing equipment and increasing its automation. Also considered in the project is the deepening of the berth pockets and the expansion of the related rail terminal. The project is therefore, expected to increase the current capacity as well as enhance the operational efficiency and sustainability of the terminal.

The project will improve the competitive position of maritime and rail transport by enabling modal shift from more carbon intensive modes and enhancing interoperability between transport modes. These actions will reduce GHG emissions as well other negative transport externalities, which would otherwise be incurred by non-users, for instance from noise and local emissions. In terms of technical advice, the EIB will help to ensure that the project will be implemented in line with the required standards and will undertake annual monitoring activities.

Due to its local focus and traditional business model, LSCT has historically financed its investments through credit lines provided by local banks with short to medium-term maturities resulting in a costly capital structure. As such the contribution of the EIB is a significant element of the overall financing plan in terms of additionality, diversification as well as general conditions. The Project will be the first privately funded port infrastructure expansion of this size in Italy. The transaction will allow further diversification of the EIB portfolio and at the same time the EIB funding will allow the Promoter to diversify its funding base.

Compliance with the SEA Directive 2001/42/EC, the EIA Directive 2011/92/EU as amended by Directive 2014/52/EU, the Habitats Directive 92/43/EEC, the Birds Directive 2009/147/EC, the Water Framework Directive 2000/60/EC, as well as biodiversity assessment requirements, climate change adaptation and mitigation issues, mitigation/compensation measures and environmental and social monitoring plans, will be assessed in detail during appraisal for each project component.

The Promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Promoter is subject to the EU public procurement legislation then the Bank would duly inform the Commission Services and would require the Promoter to apply those rules.