On 31 January 2017, the European Investment Bank (EIB) announced support for Valeco Group as part of the European Fund for Strategic Investments (EFSI).

This intervention is not classified as implemented, since the EFSI project has been approved but not signed yet.



  • 3 harmful
  • 0 neutral
  • 0 liberalising


EFSI Information Sheet about the project. Available at

European Commission (20 July 2015): The Investment Plan for Europe: Questions and Answers. Available at

EIB: European Fund for Strategic Investments - Questions and Answers. Available at"

Inception date: 31 Jan 2017 | Removal date: open ended
Still in force

State loan

The EIB will provide a 220 million EUR loan to support the construction and operation of a portfolio of eight wind farms and two solar photovoltaic (PV) power plants in France totalling 181MW by the Valeco Group.




Inception date: 31 Jan 2017 | Removal date: open ended
Still in force

Loan guarantee

The EIB loan with a value of EUR 220 million will be guaranteed by the EFSI.

EFSI support does not fall under EU State Aid rules as it is meant as a tool to address "market failures or sub-optimal investment situations". However, the investment support does include favourable conditions in the form of public assumption of risk.

As described in the European Commission's Fact Sheet from 20 July 2015: "The type of risk-financing instruments will be designed so as to take uncertainty out ("first loss protection") of as such viable projects and therefore crowd-in private sector investments. Since the EFSI will take riskier tranches in investment projects, the private sector will be able to join under more favourable conditions." Furthermore, the EIB states that "The new initiative [i.e. the EFSI] will benefit from the EIB’s strong credit standing that enables funding at favourable conditions and across maturities".

A state measure in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the investment support proposed here is discriminatory.

Inception date: 31 Jan 2017 | Removal date: open ended
Still in force

Public procurement localisation

Furthermore, Article 85.1 of Directive 2004/25/EU of 26 February 2014 on public procurement includes a local sourcing requirement for tenders from firms in third countries in the water, energy, transport and postal services sectors. These provisions are also applicable to EIB measures.