Gvozd Windfarm (EBRD-50427)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Montenegro
Geographic location where the impacts of the investment may be experienced.
Specific Location
Municipality of Niksic
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
Nov 30, 2022
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
Elektroprivreda Crne Gore AD Niksic
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 Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 82.19 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 82
Converted using 2022-09-01 exchange rate.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Nov 5, 2024

Disclosed by Bank Jun 10, 2022

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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.

According to the bank website, the project consists of a Loan to Elektroprivreda Crne Gore AD Niksic ("EPCG"), the Montenegrin national power utility, for the purpose of financing the development, construction and operation of a 54.6 MW wind power plant located near village Gvozd, municipality of Niksic, Montenegro.

The Project will result in the addition of 54.6 MW renewable energy generation capacity to the country, which is expected to produce approximately 150 GWh of renewable energy per year. The construction of new renewable energy generation capacity in Montenegro is fundamental to the country's plans regarding the diversification of electricity generation to substitute its legacy thermal coal assets, which currently provide almost half of Montenegro's domestic electricity generation.

 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, Elektroprivreda Crne Gore AD Niksic ("EPCG") is a majority state-owned electricity utility of Montenegro, active in production, distribution and supply of electricity. EPCG produces the bulk of its energy from three power plants, consisting of the 225 MW lignite-fired plant Pljevlja, the 307 MW Perucica hydro power plant, and the 342 MW Piva hydro power plant. EPCG also operates several small hydropower plants with a total capacity of 2.5 MW; the Sponsor is also the 100% owner and operator of the Montenegrin distribution company CEDIS (also client of EBRD), and it supplies 370,000 consumers with electricity. Green Gvozd LLC is a special purpose vehicle created for the development of the Gvozd wind farm and will be fully acquired by EPCG.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Elektroprivreda Crne Gore AD Niksic Client -

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.

COMPANY CONTACT INFORMATION

Mr. Miro Vracar, dipl.ecc (CFO)
miro.vracar@epcg.com
+382 40 204-160
www.epcg.com
EPCG AD Niksic / Montenegrin Electric Enterprise AD, Vuka Karadzica 2, Niksic Montenegro

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

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 at: 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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