ENA - Modernisation of Distribution Network (EBRD-48957)

Countries
  • Armenia
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
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
Jun 21, 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
ELECTRIC NETWORKS OF ARMENIA CJSC
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)
$ 80.00 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)
$ 200.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS May 22, 2017

Disclosed by Bank May 18, 2017


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Project Description
This potential project involves the provision of a senior corporate loan of USD 80 million to Electric Networks of Armenia to finance a 5-year (2016-20) USD 200 million investment program for the modernization of the distribution network including the introduction of smart metering across Armenia.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
ELECTRIC NETWORKS OF ARMENIA CJSC ("ENA") is a closed joint stock company established under the laws of Armenia, which is involved in electricity transmission and distribution in the country. ENA is fully-owned by Tashir Group, a diversified group of over 200 industrial and construction companies, which in turn is ultimately controlled by the Armenian-born entrepreneur Samvel Karapetyan and his family.
Contact Information
Armen Arshakyan arshakyan_AS@ena.am +37477774000 www.ena.am 127, Armenakyan street Yerevan, Armenia, 0047 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.