CABIFY (FM)

Promoter – Financial Intermediary

CABIFY INC

Location

• Spain

Description

The project concerns the deployment of 1,400 electric vehicles (EVs) for the company's ride hailing operations in Spain, and associated EV charging (EVC) and digital infrastructure.

Additionality and Impact

The project concerns the deployment of electric vehicles (EVs) to be used in ride hailing services in Spain. In line with EU and EIB objectives of sustainable transport and digitalisation of transport, the project helps to mitigate market failures in urban transport by financing an EV ride hailing scheme, which generates environmental and transport efficiency benefits as well as wider benefits in commercialization of EV shared mobility in Europe. The most important economic benefits of the project are: (i) contributing to decarbonisation in transport therefore reduced emissions and improved air quality in cities, (ii) improved fleet operations, and (iii) better informed users, modal shift and reduced car dependency. The EIB's involvement provides additional financial flexibility and unlocks long term funding for the implementation of this electrification project.

Objectives

The project contributes to EU objectives of phasing out conventionally fuelled cars in urban transport, modal shift to more sustainable modes to reduce congestion and pollution in cities and the implementation of EU legislation on air quality (Directive 2008/50/EC) by reducing urban transport-related air pollution. The project supports Sustainable Development Goals (SDGs), particularly SDG 13 "Climate Action," SDG 11 "Sustainable cities and communities" and SDG 3 "Good health and well-being." By enabling the provision of electric mobility to travellers, the project also contributes to mobilising investment in electric vehicle (EV) industries and EV charging (EVC) infrastructure, thus improving the supply of electric mobility in the urban context.

Sector(s)

• Transport - Transportation and storage

Proposed EIB finance (Approximate amount)

EUR 40 million

Total cost (Approximate amount)

EUR 82 million

Environmental aspects

The project has a significant positive social and environmental impact. No significant negative environmental impact is expected (no environmental impact assessment (EIA) is required as project components do not fall under Annex I or II of EIA Directive). By facilitating electric mobility, the project has significant environmental benefits in terms of positive externalities, including the reduction of emissions of CO2, NOx and particulate matter (PM). No negative social impact is expected.

Procurement

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 EU public procurement legislation then the Bank would duly inform the Commission Services and would require the Promoter to apply those rules.

Status

Signed - 13/12/2022