Early Warning System

Regions

Europe and Central Asia

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

Countries

Spain

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

Nov 24, 2023

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

Ingeteam SA

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

Sectors

Energy
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)

$ 50.35 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 46
Converted using 2023-11-24 exchange rate.

Loan Amount (USD)

$ 50.35 million

Project Cost (USD)

$ 100.71 million

Bank Documents

Environmental and Social Data Sheet

Other Related Projects

EIB-20210450 INNOVATION PROGRAMME LOAN FOR SPAIN AND PORTUGAL

Primary Source

Original disclosure @ EIB website

Updated in EWS Dec 1, 2023

Disclosed by Bank Sep 8, 2023

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Can you contribute information about this project?
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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.

As stated by the EIB, the project consists of the Promoter's planned activities in Research, Development and Innovation (RDI) for the period 2023-2024 aiming at maturing technologies and developing new products in the field of: (i) electrical machines, (ii) low- and medium-voltage power electronics, (iii) automation, control, and protection solutions, (iv) submersible hydraulic machines, as well as (v) development of product and analysis technologies for maintenance services carried out in Spain over the period 2023-24.

The project concerns the Promoter's investments in Research, Development, and Innovation (RDI) in the filed electronics for renewable power generation, electrical storage, smart grids, green hydrogen, power transmission and electromobility, carried out primarily in the Promoter's R&D centre located in the technology park of Zamudio (Bilbao, Spain) over the period 2023-2024.

The project aims at developing solutions to support the energy transition for a more sustainable energy generation, transmission, distribution and consumption.

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.

People Affected By This Project

People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

Investment Description

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

European Investment Bank (EIB)

Private Actor Relationship

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.

Private Actors Description

As stated on the company's website, Ingeteam SA works in renewable generation (wind, photovoltaic and hydroelectric), in storage, in the intelligent transport network and in the efficient and clean consumption of electrical energy through our electric vehicle chargers, converters, generators and motors for traction, marine, iron and steel, mining and for the production of green hydrogen and submersible pumps and motors for water.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Ingeteam SA	Client	Energy

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 project contacts provided at the time of disclosure.

Client - Ingeteam SA:

Email: info@ingeteam.com
Website: https://www.ingeteam.com/en-us/home.aspx

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