VIS, as a subcontractor to IBF under the EIB Advisory Services framework (Lot 2 – Energy), is supporting the Nordic Hydrogen Route project, a cross-border hydrogen transmission initiative connecting production and demand centres in the Nordic region.
The assignment is structured as a decision-oriented advisory engagement aimed at strengthening the project’s analytical foundation for investment appraisal. It is organised around three interrelated components: (i) validation and structuring of the project risk profile from a project-finance perspective, (ii) comparative benchmarking of relevant infrastructure projects to assess risk allocation and identify measures to improve bankability, and (iii) development of a socio-economic cost-benefit analysis.
The analytical approach follows a coherent sequence in which risk assessment, benchmarking and economic appraisal are explicitly interlinked. The work begins with the systematic identification, classification and validation of project risks—including demand, construction, regulatory, operational and counterparty risks—assessed in terms of likelihood, impact and materiality. This risk framework provides the basis for a structured comparative analysis of benchmark projects, including the assessment of risk allocation structures, commercial arrangements and support mechanisms, with the objective of identifying transferable measures and context-specific constraints relevant to the project.
The outputs of the risk assessment and benchmarking stages directly inform the validation of project assumptions, the formulation of bankability-enhancing recommendations and the calibration of the cost-benefit analysis. The cost-benefit assessment combines an update of ENTSOG-based analysis with an EIB-aligned economic appraisal framework, ensuring consistency with TEN-E requirements while incorporating welfare-economic valuation principles, including the application of social discounting, externality valuation and sensitivity analysis.
VIS executes the assignment in full, ensuring consistency of assumptions, traceability of analytical steps and alignment across all components of the work. The resulting outputs form a coherent and internally consistent analytical framework supporting a robust and defensible investment case in line with European regulatory requirements and EIB appraisal standards.