RENFE FREIGHT LOCOMOTIVES

Promoteur – Intermédiaire Financier

RENFE OPERADORA

Lieu

• Espagne

Description

Acquisition of up to 24 electric locomotives in order to better adapt the freight fleet to the ongoing rail infrastructure developments in Spain. In particular, 12 dual voltage locomotives will replace the locomotives currently operating from/to Asturias, and the other 12 locomotives will have international track gauge in order to run services on various mixed traffic high-speed lines that will be opened in the coming years, most notably along the Mediterranean Corridor including cross-border services to France. The project also comprises the acquisition of wagons for intermodal services, implementation of European Rail Traffic Management System (ERTMS) in some of the current locomotives and some measures for noise reduction of 2900 wagons.

Additionality and Impact

The project supports the modernization and expansion of competitive zero direct emission transport services in order to lead to modal shift and a reduction of negative transport externalities, such as pollution and CO2 emissions. The project will thus contribute to meeting the Bank's target for support to Climate Action and Environmental Sustainability. The rolling stock will operate services predominantly along the Mediterranean Corridor and from Asturias to Basque Country and Valencia, thus including several convergence and transition regions. The project is therefore eligible under Article 309 point (a) "less developed regions" and point (c) "common interest".

The Bank's participation secures access to long-term financing at affordable terms, including interest rates. This helps the Borrower diversify its funding mix by crowding in other financiers and extend its average debt life, aligning it to the economic life of the asset being financed. A key contribution considering the very long-term nature of the financed assets and its positive impact on the overall project cost. The flexible drawdown terms and conditions of the EIB loan adjusted to the long delivery periods of the rolling stock, are highly valued by the public operator and are considered a key differentiating feature of EIB financing. 

Objectifs

The project supports the modernisation and expansion of competitive zero direct emission transport services in order to lead to modal shift and a reduction of negative transport externalities, such as pollution and CO2 emissions. The project will thus contribute to meeting the Bank's target for support to Climate Action and Environmental Sustainability. The rolling stock will operate services in several convergence and transition regions, therefore supporting regional development.

Secteur(s)

• Transports - Transports et entreposage

Montant BEI envisagé (montant approximatif)

EUR 100 million

Coût total (montant approximatif)

EUR 212 million

Aspects environnementaux

The investment proposed under the project does not fall under either Annex I or Annex II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU (as amended by Directive 2014/52/EU). The need of EIA and/or assessment according to the Habitats Directive 92/43/EEC for associated facilities (e.g. maintenance workshops or depots), not included in the investment proposed but needed for the correct operation of the new rolling stock, will be analysed during the appraisal. Arrangements for the replacement or decommissioning of old rolling stock will be reviewed during appraisal. All else equal, the project is expected to have a positive environmental impact by contributing to modal shift from road to railways, and to contribute to climate action and environmental sustainability objectives.

Passation des marchés

The Bank will require the Promoter to ensure that contracts for the implementation of the project have been 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 Official Journal of the EU, as and where required.

Statut

Signé - 14/11/2023