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The project will finance investments in Research, Development, and Innovation (RDI) in the field of electrical, electronic products and related services, particularly on instrument transformers, auxiliary relays, recloser and switches, as well as substation automation systems. Such investments also include the deployment of flexible automation, digitalisation of processes and cybersecurity. The related RDI activities will be carried out at the promoter's sites in Spain over the period 2024-27.
The aim is to enable the promoter to develop new products with an enhanced performance, efficiency, reliability and flexibility of the manufacturing capacity, while improving quality and flexibility of the production processes.
The Project is in line with the Research, Development, and Innovation (RDI) objective of InvestEU. The relevant investments will be in the field of electrical, electronic products and related services, and particularly on instrument transformers, auxiliary relays, recloser and switches as well as substation automation systems that are in line with the Bank's IDHC (Innovation, Digital and Human Capital) public policy goal. It supports RDI activities that generate significant positive knowledge, technology, and environmental externalities, through the creation of innovative products as well as services and skills development and upgrading. The Project is therefore eligible under Article 309 point (c) Common interest. Part of the Project contributes to the Bank's Climate Action and Environmental Sustainability (CA&ES) cross-cutting objective.
The financing addresses market failures of imperfect competition, as it contributes to expanding the competitive space for new product technologies, and the failure in financial markets for RDI, arising from higher cost of financing due to the inherent uncertainty of the RDI outcomes. By providing a longer tenor than commercial banks, EIB will be effectively subordinated to commercial bank lenders in terms of maturity.
The Project is essential to the Promoter's business strategy to strengthen its competitive edge globally by developing new products with improved performance and efficiency, deploying manufacturing technologies to improve the efficiency, quality, and flexibility of the production processes, and increasing the level of digitalisation and cyber resilience.
The EIB loan will enhance credit conditions for Arteche with a flexible, long-term financing solution and will provide a strong signalling effect on the quality of the Project, facilitating the participation of other financiers. The Bank is expected to provide the Company with a longer maturity than commercial banks.
The Project in its proposed scope could not have been carried out (or not to the same extent) without InvestEU support.
The Project consists of RDI activities that are not listed in any of the Annexes of the Environmental Impact Assessment (EIA) Directive 2011/92/EU amended by the Directive 2014/52/EU. The environmental details will be verified during the project appraisal.
The promoter has been assessed by the EIB as being a private company not being 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 European Commission will be duly informed, requiring the promoter to apply those rules.
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