Early Warning System

Countries

Finland
France
Italy

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Investment Bank (EIB)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Jul 24, 2024

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

PRYSMIAN SPA

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Industry and Trade

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 487.71 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 450
Converted using 2024-07-24 exchange rate.

Project Cost (USD)

$ 665.45 million

Bank Documents

Media Documents

EIB provides €450 million to Prysmian to promote European energy transition

Primary Source

Original disclosure @ EIB website

Updated in EWS Sep 7, 2024

Disclosed by Bank Jul 25, 2024

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Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the project will support the promoter's strategic plan to extend its power transmission cable production at three of its European plants, in Finland, France and Italy.

In detail, the plan comprises new manufacturing lines for submarine extra high-voltage cables and for onshore high-voltage cables as well as multiple upgrades on a line for onshore high-voltage cables.

By expanding the promoter's capabilities in manufacturing "state-of-the-art" power transmission cables, the project aims at meeting the growing demand in the renewable energy sector, in particular for offshore wind. As such, it supports the green transition and continued growth of renewable energy generation.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

All investments will be extensions to existing manufacturing sites mostly within the existing perimeters of the Promoter’s activities. The only exception is in Arco Felice, Italy where the promoter is extending its facility by acquiring an adjacent plot of land that also has been subject to industrial use. All activities are mechanical manufacturing without emissions to soil or water and only minimal emissions to air.

The biggest environmental impacts relate to the construction of factory buildings.

it is concluded that there are no incremental derogating impact on any nearby site of nature protection, adhering to the Directives for protection of Habitats or Birds (92/43/EEC and 2009/147/EC) or national legislation. The nearest Natura 2000 site (Siuntionjoki river (FI0100085)) is 2km upstream from the project.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Investment Bank (EIB)

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Prysmian S.p.A. is a multinational company with headquarters in Milan, Italy, specialising in the production of electrical cable for use in the energy and telecom sectors and for optical fibres.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	PRYSMIAN SPA	Client	-

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No contacts available at the time of disclosure.

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.eib.org/en/infocentre/registers/request-form/request-form-default.htm

ACCOUNTABILITY MECHANISM OF EIB

The EIB Complaints Mechanism is designed to facilitate and handle complaints against the EIB by individuals, organizations or corporations affected by EIB activities. When exercising the right to lodge a complaint against the EIB, any member of the public has access to a two-tier procedure, one internal - the Complaints Mechanism Office - and one external - the European Ombudsman. A complaint can be lodged via a written communication addressed to the Secretary General of the EIB, via email to the dedicated email address: complaints@eib.org, by completing the online complaint form available at the following address: http://www.eib.org/complaints/form via fax or delivered directly to the EIB Complaints Mechanism Division, any EIB local representation office or any EIB staff. For further details, check: http://www.eib.org/attachments/strategies/complaints_mechanism_policy_en.pdf

When dissatisfied with a complaint to the EIB Complaints Mechanism, citizens can then turn towards the European Ombudsman. A memorandum of Understanding has been signed between the EIB and the European Ombudsman establishes that citizens (even outside of the EU if the Ombudsman finds their complaint justified) can turn towards the Ombudsman on issues related to 'maladministration' by the EIB. Note that before going to the Ombudsman, an attempt must be made to resolve the case by contacting the EIB. In addition, the complaint must be made within two years of the date when the facts on which your complaint is based became known to you. You can write to the Ombudsman in any of the languages of the European Union. Additional details, including filing requirements and complaint forms, are available at: http://www.ombudsman.europa.eu/atyourservice/interactiveguide.faces