ELEM Solar Project - Photovoltaic plant (EBRD-50415)

Countries
  • Macedonia
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
Nov 28, 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
ELECTRICITY GENERATION COMPANY OF THE REPUBLIC OF MACEDONIA
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 8.12 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 7
Converted using 2018-09-11 exchange rate.
Project Cost (USD)
$ 11.60 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 10
Converted using 2018-09-11 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 13, 2019

Disclosed by Bank Sep 11, 2018


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Project Description

This project provides financing to ELEM, a public electricity generation utility, for the construction of a 10MW photovoltaic plant to be constructed on the exhausted coal mine of the TPP Oslomej. According to Bank documents, electricity produced from the plant will be directly sold in the nearby grid. 

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

Igor Ilijovski, B.Sc.El.Eng
igor.ilijovski@elem.com.mk
+ 389 (0) 2 31 49 245
+ 389 (0) 2 32 24 492
www.elem.com.mk
JSC MACEDONIAN POWER PLANTS 11 Oktomvri 9, 1000 Skopje, R. Macedonia

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.