ANNOUNCEMENT 28 Nov 2016

On 28 November 2016, the EIB provided financing worth EUR 204 million (USD 220 million).

NUMBER OF INTERVENTIONS

2

  • 2 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 28 Nov 2016 | Removal date: open ended

Loan guarantee

The EIBs EUR 204 million (approx. USD 220 million) loan with Vvo-Yhtymä Oyj signed on 28 November 2016 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: 28 Nov 2016 | Removal date: open ended

State loan

On 28 November 2016, the European Investment Bank (EIB) and Vvo-Yhtymä Oyj signed an agreement worth EUR 204 million (approx. USD 220 million) for the project Vvo Near Zero Energy Buildings from Finland. The total cost of the project is estimated at EUR 572 million.

According to the project description issued by the EIB, Financing a portfolio of new near zero energy buildings.

The objective of the project is defined as following: The energy efficiency improvements to new buildings will reduce energy consumption and lower CO2 emissions, contributing to security of supply and climate change mitigation objectives..

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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