Athens e-ticketing PPP (EBRD-48862)

Regions
  • Europe and Central Asia
Where the impacts of the investment may be experienced.
Countries
  • Greece
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
Bank Risk Rating
C
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.
Borrower
Hellas SmartTicket S.A.
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Transport
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)
$ 16.01 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 14
Converted using 2018-11-07 exchange rate.
Loan Amount (USD)
$ 16.01 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 80.37 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 70.3
Converted using 2018-11-07 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 12, 2019

Disclosed by Bank Nov 7, 2018


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to EBRD website, the project will provide a bond-loan of up to EUR 14 million to refinance the loan of Hellas Smarticket S.A., and transform sponsor guaranteed debt into non-recourse project financing. Hellas Smarticket S.A Project is an e-ticketing project that consists in building, operating, and maintaining the integrated automatic fare collection system for the companies of Athens Urban Transportation Organisation in the city of Athens, under a PPP scheme. The EBRD will co-finance alongside a commercial lender.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors
  • Hellas SmartTicket S.A. -- Implementing Company
  • Terna Energy S.A. -- Implementing Company

Hellas SmartTicket S.A. is a Greek SPV established to finance, install, operate, support, and maintain a single automated fare collection system for public transportation in Athens, Greece.

Terna Energy S.A. (energy and construction sector, part of a leading Greek Business group),  GEK Terna (a major Greek Real Estate Construction Holding) and LG CNS (Subsidiary of LG providing IT consulting, system integration, outsourcing and industry based IT infrastructure solutions, covering notably a full range of transporation systems including urban transports) are its shareholders (respectively 35 percent, 35 percent and 30 percent of stakes).

 

Contact Information

Project Contact: Vassilis Politis
Email Address: vpolitis@terna-energy.com
Telephone No.: +302106968898; +302106968796
Website: terna-energy.com
Office Address: 124 Kifisia Ave Athens 11526 Greece

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.