TEMPORARY PUBLIC AID RECEIVED FROM FASEE

On 21 June 2022, the Council of Ministers authorised the Cabinet Meeting of Solvency Support Fund for Strategic Enterprises (FASEE) to approve the temporary puclic backing operation requested by Vicinay Marine S.L.U.

The aid granted by FASEE amounted to 32,000,000 euros and was entirely implemented through a participative loan with a maximum duration of 7 years (until 2029) at the interest rates set out in the annex to the agreement of the Council of Ministers of 21 July 2020 and in the European Commission’s Temporary Framework.

The FASEE was approved by the Government in July 2020, with the aim of providing temporary public support to strengthen the solvency of non-financial companies affected by the COVID-19 pandemic, which are considered strategic for the national or regional productive fabric.

THE IMPORTANCE OF VICINAY MARINE GROUP

VICINAY MARINE is a world leading manufacturer of high quality and resistance mooring lines for the floating wind industry and the Oil & Gas industry.

The request for temporary public support is framed within the market situation and the company’s activity in the preceding years, caused by the profound impact and persistence of the pandemic caused by COVID-19, which has generated great uncertainty in the sectors in which Vicinay Marine is present.

TRANSPARENCY

The total aid authorised was implemented through a participative loan signed on 7 July 2022 for an amount of EUR 32,000,000.

The funds received have been used to ensure the continuity of the company’s activity by restoring its viability, to cover its liquidity needs and to implement an investment plan aimed at increasing the efficiency of production plants, boosting digitalisation and fostering the green transition through the reduction of CO2 emissions, all in line with EU objectives and national obligations related to the green and digital transformation, including the EU’s goal of achieving climate neutrality by 2050.

The relative proportion of each item was as follows: