ANNOUNCEMENT 26 May 2020

On 26 May 2020, the EIB provided financing worth EUR 18 million (USD 20 million).

NUMBER OF INTERVENTIONS

2

  • 2 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 26 May 2020 | Removal date: open ended

Loan guarantee

The EIBs EUR 18 million (approx. USD 20 million) loan with Uab Lords Lb Asset Management signed on 26 May 2020 was backed by a guarantee from the European Fund for Strategic Investments (EFSI).

The EFSI is a joint initiative by the EIB and the European Commission to promote investment in Europe, acting as the main pillar of the Investment Plan for Europe. It provides first-loss guarantees enabling the EIB to invest in more and often riskier projects. The loan described above was issued under the EFSI and thus benefits from a full guarantee through the EU budget.

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.

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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Inception date: 26 May 2020 | Removal date: open ended

State loan

On 26 May 2020, the European Investment Bank (EIB) and Uab Lords Lb Asset Management signed an agreement worth EUR 18 million (approx. USD 20 million) for the project Lords Lb 66 Mw Solar Pv Portfolio from Poland. The total cost of the project is estimated at EUR 44 million.

According to the project description issued by the EIB, The project under a Programme Loan (2018-0211) comprising a portfolio of 66 independent, small scale, land based PV plants with an average, individual nominal capacity of <=1MW, totaling to ~66MW..

The objective of the project is defined as following: The development of PV plants supports EU and national targets for renewable energy generation and contributes to the EIBs renewable energy and climate action objectives, as well as to EFSI. Additionally, as investments are located in Poland, the project supports cohesion in the EU..

A state act 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 granted here is discriminatory.

 
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