ANNOUNCEMENT 22 May 2018

On 22 May 2018, the EIB provided financing worth EUR 79 million (USD 93 million).

NUMBER OF INTERVENTIONS

2

  • 2 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 22 May 2018 | Removal date: open ended

Loan guarantee

The EIBs EUR 79 million (approx. USD 93 million) loan with Electricity Supply Board, Bord Na Mona signed on 22 May 2018 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: 22 May 2018 | Removal date: open ended

State loan

On 22 May 2018, the European Investment Bank (EIB) and Electricity Supply Board, Bord Na Mona signed an agreement worth EUR 79 million (approx. USD 93 million) for the project Oweninny Onshore Wind Farm Phase 1 from Ireland. The total cost of the project is estimated at EUR 196 million.

According to the project description issued by the EIB, Construction and operation of up to 30 turbine onshore wind farm with a total capacity of 89MW in County Mayo, Ireland..

The objective of the project is defined as following: The project will contribute to meeting the EU and Irish targets for energy generated from renewable energy sources..

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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