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Financing JESSICA Projects: the cases
of Portugal and Andalucía
Brussels, 27 June 2012
Nuno Vitorino Secretary General
JESSICA Holding Fund Portugal
Pedro Couto Local Officer – JESSICA Holding Fund Portugal
JESSICA South Western Unit
JESSICA & Investment Funds Division
European Investment Bank
2
Agenda
• Portugal and Andalucía
– Structure
– Investment strategies
– Timeline
– Investment Portfolio
• Portugal in more detail
– Investment Portfolio
– Financed Projects
– Increasing attractiveness towards promoters
• Final Remarks
– Stakeholders/National authorities expectations towards project financing through JESSICA
Basic Characteristics
PORTUGAL ANDALUCIA
HF
One HF managed by EIB One HF managed by EIB
6 OPs, 5 Regions (same Axis across Regions) 1 OP, 1 Region, 1 Axis
UDFs
3 UDF 2 UDF
Amount Awarded
130 M€ 80 M€
Co-investment at UDF level
61 M€ 0 M€
Co-investment at Project Level
From the UDF: 144 M€ From the project promoter: x2,5 times
From the UDF: At least 40 M€
Investment strategies (1)
PORTUGAL ANDALUCIA
Final recipients
Public, private or public/private
Investment Typologies
• Urban rehabilitation and regeneration, including infrastructure and equipment; • Renewable energy and Energy efficiency; • Urban economic regeneration, specially regarding SME or innovative companies; • Communication and Information Technologies, including broadband and wireless.
• Urban infrastructure, including those aiming at improving mobility and utilities and also cultural, tourist, social and educational infrastructures and the rehabilitation and upgrading of cultural heritage. • Regeneration of derelict industrial areas and the creation of facilities for SMEs and innovative firms.
Investment procurement
UDFs are responsible for selection and financing of Urban Projects.
UDFs have an open pipeline on a first come, first served basis.
UDFs shall prepare and submit a definitive portfolio of eligible urban projects and Business Plan within 12 months from the date of the signature of the Operational Agreement.
Investment strategies (2)
PORTUGAL ANDALUCIA
Focusing the instrument at HF Level
Regional split of the JESSICA 100M€ OP contribution: North 30M€ Center 20M€ Lisbon 5M€ Alentejo 10M€ Algarve 5M€
60% investments in big cities (>50.000 inhabitants) 40% in small/medium cities. Maximum investment of EUR 15 M per project in big cities Maximum investment of EUR 5 M per project in small/medium cities
Focusing the instrument at UDF level
BPI: Only Loans TdP: Only Tourism enhancing investments Maximum JESSICA investment per project of 3,5M€
BBVA: Only Loans ACJA: Equity, Quasi-Equity and Loans
Timelines
Implementation
• Implementation period important to raise awareness from both potential UDFs and
promoters;
• Targeted communication was more effective, by engaging promoters (increasing demand
side of this instrument) before talking with potential UDF promoters (increasing demand
for the management of this financial engineering instrument).
• Andalucía project procurement strategy allowed for closed fund approach.
Notes:
Andalucía Apr-10 Sep-10 Nov-10 Mar-11 May-11 Oct-11 May-12
Call for EoI
Selection of UDFs
Signature of Oas
Construction of Project Portfolio
Portugal Apr-10 Sep-10 Nov-10 Mar-11 May-11 Oct-11 May-12
Call for EoI
Selection of UDFs
Signature of Oas
Construction of Project Portfolio
Start of Project Financing
9
Project portfolio at 31.05.2012
a) Pipeline per typology of project (amounts in M€):
• Very high demand for touristic accommodation in Portugal.
• Andalucía shows a more balanced procurement across sectors.
Notes:
11
Project portfolio at 31.05.2012
a) Pipeline per typology of project:
3%
3%
5%
6%
3%
15%
3%
7%
6%
8%
41%
12
Project portfolio at 31.05.2012
a) Pipeline per typology of project:
Not every region is the same – 3 examples:
13
Project portfolio at 31.05.2012
a) Pipeline per region:
Not every region reveals similar demand:
317%
25%
521%
54%
56%
% Pipeline/JESSICA Funds coverage
14
Project portfolio at 31.05.2012
b) Investment agreements signed with project promoters :
Fundação Eugénio de Almeida: Acrópole XXI
Total Investment: 10M€
JESSICA 1.65M€
UDF Co-financing 1.65M€
1 Arts and culture centre
1 Museum
Impact/multiple factor of 6x
15
Project portfolio at 31.05.2012
b) Investment agreements signed with project promoters:
Terreiro do Paço: Commercial spaces and the Lisbon Story Centre
Total Investment: 10M€
JESSICA 1.1M€
UDF Co-financing 1.1M€
5 restaurants
1 commercial space
1 cultural space
1 showroom on the story of Lisbon
1 event room
1 terrace
Impact/multiple factor of 9x
1. Communication and expectation management
2. Removing uncertainty on eligibility
3. Periodic revision of action plans (HF and UDFs)
Increasing attractiveness towards promoters
Communication plan
Increasing attractiveness towards promoters
Coordination of messages between MAs, HF, UDFs
Roadshows for promoters and municipalities but also below the line
communication action, namely with consultants
Communicating signed projects
More exposure of the instrument and concrete examples of use
Promoters see similar projects approved = more projects submitted
Eligibility clarification
Increasing attractiveness towards promoters
Meetings between National Certifying Authorities and JHFP/UDFs
Establishing direct communication channels between UDFs and MAs
Establishing clear and homogeneous rules under regional OPs for
JESSICA use
Clearer project and eligibility rules
Less risk for HF, UDF, Promoter = more projects submitted/approved
Revision of Action Plans
Increasing attractiveness towards promoters
IB Meetings – coordination of UDF action with MA’s expectations
Periodic analysis of JESSICA implementation
Detailed semi-annual UDF action plans to accelerate implementation
Monitoring and maybe requesting mitigating actions towards project concentration
Stimulus for proactive project procurement
Larger sectorial and geographical scope = more projects submitted
Final Remarks
Difficulties faced and overcomed
Results achieved
Excellent opportunities identified
Prospects for next programming period 2014-2020
22
Contact information
JESSICA & Investment Funds
European Investment Bank 100, Bvd. Konrad Adenauer
L-2950 Luxembourg
email : [email protected] www.eib.org/jessica
JHF Andalucía:
JHF Portugal: [email protected]