ESPOO EDUCATION INFRASTRUCTURE II

Promoter – Financial Intermediary

ESPOON KAUPUNKI

Location

• Finland

Description

The project finances selected investments from the City of Espoo's investment plan. The project concerns both new construction and major renovations, including also extension and replacement of existing obsolete facilities. It is composed of 22 sub-projects including 9 day-care centres, 9 schools and 3 sports facilities. It also includes one sub-project dedicated for equipment for the schools and day-care centres.

Additionality and Impact

The new and upgraded infrastructure financed by the EIB will accelerate the modernisation of teaching and learning environments in terms of pedagogical fit, energy efficiency, quality, health and safety, improving the provision of ECEC and basic education. Through the support to education activities, the Project will favour positive externalities, including inclusive economic growth and increased productivity knowledge externalities, as well as climate and environmental externalities. The EIB financing will offer flexible terms with a favourable availability period offering the possibility to match the drawdown profile with the project outflows as well as a long maturity. The operation will also provide the Borrower continued diversification of its funding sources as well as complement funding from other IFIs.

Objectives

By contributing to the modernisation and adaptation of school infrastructure in both early childhood education and care and basic education, the project aims to improve the quality of education in Espoo and, more broadly, in Finland, and a better allocation of resources in the education sector. A good level of education and a good quality of education accessible to all are essential for the economic, social and intellectual development of a country. Given the economic and social consequences of the global health crisis, the role of education is even more important in improving the living conditions and economic and social opportunities of young populations. The project is in line with national and local priorities in education. Following the new national curriculum introduced in 2016, Finland has been undergoing one of the most ambitious school redesign projects in Europe, exchanging traditional walled-in classrooms and rows of desks for more flexible and informal open-plan layouts. The project is also fully aligned with the EU priorities and objectives. The project is consistent with the EU Education and Training 2020 strategy. Additionally, it is expected to improve the energy efficiency of the Espoo's education estate by providing more efficient new educational facilities and by renovating existing ones.

Sector(s)

• Education - Education

Proposed EIB finance (Approximate amount)

EUR 200 million

Total cost (Approximate amount)

EUR 432 million

Environmental aspects

Directive 2014/52/EU amending the EIA Directive 2011/92/EU on Environmental Impact Assessment (EIA) does not specifically cover educational activities, leaving it at the discretion of the responsible competent authorities to request an EIA on the basis of the location and scale of the works concerned. However, educational facilities may fall under Annex II of the Directive with respect to Urban Development. The public buildings will be required to at least meet the energy efficiency targets as defined in Directive 2010/31/EU on the energy performance of buildings and Directive 2012/27/EU on energy efficiency. Social and environmental aspects including the project's potential impact to protected areas or species as well as any aspects related to historical and cultural heritage will be verified during the appraisal.

Procurement

The Bank will 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, Directives 2014/23/EU or 2014/24/EU, where applicable, as well as Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, as and where required.

Status

Signed - 15/12/2021