DSO smart metering completion project (EBRD-48402)

Countries
  • Montenegro
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Apr 5, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Crnogorski elektrodistributivni sistem DOO Podgorica (CEDIS)
The holder of the loan, grant, or other investment.
Sectors
  • Energy
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, etc.
Investment Amount (USD)
$ 17.08 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 16 million
Converted using 2017-04-05 exchange rate.
Loan Amount (USD)
$ 17.08 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 16 million
Converted using 2017-04-05 exchange rate.
Project Cost (USD)
$ 41.62 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported 39 million
Converted using 2017-04-05 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 23, 2018

Disclosed by Bank Jan 3, 2017


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Project Description

According to EBRD website, this project involves a senior A/B unsecured loan of up to EUR 32 million to the functionally and legally unbundled distribution system operator Crnogorski elektrodistributivni sistem DOO Podgorica(CEDIS) in Montenegro envisages the (i) reconstruction and modernization of low-voltage infrastructure and substations, (ii) modernization of software, and (iii) installation of 60,000 smart electricity meters in Montenegro.

It intends to support CEDIS to complete the modernisation of the distribution network with the aim to further reduce the distribution network losses, improve collections and also to allow CEDIS to provide more reliable and stable power to its customers. The Bank already approved a corporate loan facility to EPCG (OpID: 40219) of up to EUR 65 million, in two consecutive tranches (in 2010 and 2013).The installation of the additional 60,000 meters places Montenegro in a leadership role in Europe towards meeting the EU's Electricity Directive which sets the target for 80% of consumers in EU member states to install smart metering systems by 2020.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Contact Information

Project Contact: Magdalena Vukcevic
Email Address: magdalena.vukcevic@cedis.me
Telephone No.: 0038220408400
Website: http://www.cedis.me/

General enquiries to EBRD: 
Telephone No.: +44 20 7338 7168
Email Address: projectenquiries@ebrd.com

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.