Lietuvos Energija Green Bond 2 (EBRD-50268)

Regions
  • Europe and Central Asia
Where the impacts of the investment may be experienced.
Countries
  • Lithuania
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
Jun 20, 2018
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
Lietuvos Energija UAB
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)
$ 34.73 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 EUR 30 million
Converted using 2018-06-20 exchange rate.
Loan Amount (USD)
$ 34.73 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)
$ 347.33 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 EUR 300 million
Converted using 2018-06-20 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 12, 2019

Disclosed by Bank Oct 23, 2018


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Project Description

According to EBRD website, this project is critical to help LE UAB to upgrade its distribution network and expand its renewable energy capacity in order to strengthen the sustainability and security of Lithuania's energy supply and reduce its reliance on imported energy. This will also enhance LE UAB capital structure by centralising indebtedness at the holding level. Specifically, the project intends to: 

  • Deliver climate mitigation benefits through energy efficiency. The green bond will support the investment plan of the company which includes new green investments in distribution network upgrades.
     
  • Contribute to the development of the Lithuanian capital markets, through supporting the issuance of a EUR 300 million green bond in the Baltics.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Contact Information

Project Contact: Jonas Rimavicius
Email Address: jonas.rimavicius@le.lt
Telephone No.: +37062074043

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.