Kovacica Wind Farm (EBRD-48762)

Countries
  • Serbia
Geographic location 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
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
Jul 19, 2017
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
Electrawinds K-Wind D.O.O.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 43.40 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 EUR 40,000,000.00
Converted using 2017-04-05 exchange rate.
Project Cost (USD)
$ 201.10 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 EUR 185,000,000.
Converted using 2017-04-05 exchange rate.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS May 10, 2017

Disclosed by Bank Apr 5, 2017

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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 proposed project involves a secured loan of up to EUR 50 million to Electrawinds K-Wind d.o.o. to finance the construction, commissioning and operation of the 104.5MW Kovacica wind farm consisting of 38 wind turbines each with capacity of 2.75 MW and including a 220/33-35 KV substation located 50km northeast of Belgrade, Serbia. According to bank documents, Kovacica Wind Farm will be among the first privately owned wind farms in Serbia and will help diversify Serbian power sector which is dominated by conventional thermal and hydro-power generation.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
According to bank documents, the project will be financed through equity and up to EUR 140 million debt. Up to EUR 50 million will be provided by EBRD, with the balance provided by parallel commercial loans, which may benefit from cover from an Export Credit Agency such as Euler-Hermes or similar. ELECTRAWINDS K-WIND D.O.O. BEOGRAD-NOVI BEOGRAD is a special purpose vehicle set up in Serbia currently owned by Solaveris Limited d.o.o and Enlight Renewable Energy Ltd. ("Enlight") through its subsidiary Blacklight Energies d.o.o. Prior to financial close the Project Company will be majority owned by Enlight with minority investments by several institutional investors. Enlight Renewable Energy Ltd. is a public company listed on the Tel-Aviv Stock Exchange engaged in planning, development, construction and operation of renewable energy generation projects. It is part of the Eurocom Group, one of Israel's largest holding companies. Western Balkans Sustainable Energy Financing Facility, which is associated with this project, is a capacity building technical cooperation sub-project which provided assistance for the finalisation of template PPAs in Serbia and Montenegro.

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.
Milos Colic miloc.colic@newenergy.rs +381 11 7853 704 + 381 11 7122 257 http://www.vpkovacica.rs/home.html Djordja Stanojevica 14 11070 Belgrade Serbia Full ESIA documentation is available locally at: Milos Colic Electrawinds K-Winds Djordja Stanojevica 14, Belgrade, Serbia And EBRD Belgrade Blue Centre Spanskih boraca 3 11070 Belgrade Serbia Contact name: Iva Raslapcevic, e-mail: iva.raslapcevic@ebrd.com, telephone:+381 11 20 98 927 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.

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