MADRID ATOCHA CAPACITY EXPANSION FL 2020-0034

Promoter – Financial Intermediary

ADIF ALTA VELOCIDAD

Location

• Spain

Description

The framework loan (FL) will finance the capacity extension of the Atocha station in Madrid, including the construction of an underground pass-through station. The project is part of the extension of the Madrid Railway Node, complementing the capacity expansion of the Chamartin station and other measures aiming to operate both stations as one hub with two terminals. This is the major allocation under the Framework Loan 2020-0034 - MADRID RAILWAY NODE CAPACITY EXPANSION FL.

Additionality and Impact

The project will increase the capacity of the Madrid railway node and by this means allow the growth of traffic on the Spanish railway network. This will result in time savings, vehicle operating cost savings, transport safety benefits, and environmental benefits in terms of reduction of greenhouse gases and pollutants. The project is 100% eligible under Climate Action and Environmental Sustainability.

The EIB financial contribution will entail a long tenor, commensurate with the economic life of the assets financed, and long grace and availability periods, in line with the project´s implementation period. The EIB loan may complement EU funds that the project will receive, given its relevant contribution to EU objectives and to the economic recovery following the COVID-19 pandemic. The flexibility of drawdowns of EIB loan will allow optimising the blending of EIB financing with EU funds over time,

contributing to project acceleration.

Objectives

The aim is to ensure connection between the high-speed lines Madrid - Barcelona and Madrid - Valencia/Alicante, located on the Core Trans-European Transport Network (TEN-T) Atlantic and Mediterranean Corridors. The project will be implemented in accordance with the Technical Specifications for Interoperability (TSIs) and the tracks will be equipped with the European Rail Traffic Management System (ERTMS).

Sector(s)

• Transport - Transportation and storage

Proposed EIB finance (Approximate amount)

EUR 550 million

Total cost (Approximate amount)

EUR 1020 million

Environmental aspects

Some of the schemes included in the project fall under Annex I or II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU (as amended by Directive 2014/52/EU). The EIA, the screening decisions and the need for assessment according to the Habitants Directive 92/43/EEC will be analysed during the appraisal. For the construction phase of the new underground station, the Promoter requested a temporary suspension of the environmental acoustic quality objectives. This was approved by Spanish Council of Ministers in July 2023 The project is expected to contribute to climate action and environmental sustainability (CA&ES) objectives.

Procurement

The promoter has 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 2014/25/EU as well as Directive 92/13/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.

Status

Approved - 7/11/2023