Belgrade WtE (IFC-37838)

Countries
  • Serbia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Vinca
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
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
Feb 11, 2019
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
BEO CISTA ENERGIJA D.O.O
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Energy
  • Water and Sanitation
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)
$ 175.81 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 155
Converted using 2018-12-04 exchange rate.
Project Cost (USD)
$ 384.52 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 339
Converted using 2018-12-04 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 13, 2019

Disclosed by Bank Dec 4, 2018

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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.

This project provides financing for the construction and operation of a waste-to-energy facility with a connection to electricity and heating distribution systems. This includes closing and remediating the existing Vinca landfill, building and operating a new EU-compliant sanitary landfill, and constructing the facility to process the municipal waste generated by 13 municipalities of the city of Belgrade.

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

According to the Bank documents, project Sponsors are Suez Groupe, Itochu Corporation and Marguerite Fund II.

Suez is a global leader in waste and water services and has a history spanning over 160 years. Suez Groupe, one level below Suez, will be the direct investor in the Project and is the holding company for all of Suez’s investments (excl. a 10.85% stake in Acea SpA worth EUR282 million). Suez has designed and built over 1,100 drinking water production units and over 2,100 wastewater treatment plants serving around 100m and 70m people respectively. Suez is listed on Euronext Paris (compartment A) and Euronext Brussels. In FY2017, Suez had revenues of EUR15.9 billion, net income of EUR300 million and total assets of EUR32.4 billion. Suez is rated A3 (negative) by Moody’s.

Itochu Corporation is a leading Japanese trading and investment company established in 1858, headquartered in Tokyo. I-Environment Investments, a wholly-owned subsidiary of Itochu, is the company directly investing the Project and is an investment subsidiary focused on European water and environment industries. Itochu is listed on the Tokyo Stock Exchange. Itochu has been involved in a number WtE PPP projects – the majority of them have featured Suez as a co-sponsor highlighting the ability of the parties to work together including in the UK and Australia. In the financial year ending 31 March 2018, Itochu had revenues of US$51.9 billion, net income of US$3.8 billion and total assets of US$81.6 billion. Itochu is rated A3 (stable) / A- (positive) by Moody’s / S&P.

Marguerite Fund II, established following the successful deployment of Marguerite Fund I, is a pan-European independent equity fund which aims to act as a catalyst for greenfield and brownfield infrastructure investments in line with the objectives of the Investment Plan for Europe and the European Fund for Strategic Investments (EFSI). Fund II was launched on November 30, 2017 with capacity to invest EUR700 million in infrastructure-intensive projects across the EU and pre-accession countries over a 10-year fund life. Key investment sectors for Marguerite Fund II are Transport, Energy, Renewables, Energy Efficiency, ICT and Water Infrastructure. Marguerite, through Fund I, has an extensive greenfield track record which includes the Poznan WtE project in Poland in partnership with Suez.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Beo Cista Energija d.o.o Beograd Client -
- - - - Itochu Corporation Contractor -
- - - - Marguerite Fund II Contractor -
- - - - Suez SA Contractor -

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.

Beo Cista Energija d.o.o 
Mitsuaki Harada & Philippe Thiel 
Managing Directors 
+ 381 11 7154884 
bce@bcenergy.rs 
Tošin Bunar 272v, 11000 Beograd, Srbija 
www.bcenergy.rs  

ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works