ENA - Convertible Mezzanine Loan (EBRD-50528)

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
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
CJSC Electric Networks of Armenia
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)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 10.00 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)
$ 40.00 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 Mar 13, 2019

Disclosed by Bank Oct 25, 2018


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Project Description

According to EBRD website, the project aims to finance part of Electric Networks of Armenia's (ENA) 2nd stage of investment program (2019-27) for modernization of the distribution network including introduction of smart metering across Armenia, and to support the Company in improving its corporate governance framework. Specifically, it intends to (i) improvement of ENA's transparency and corporate governance practices and (ii) modernisation of outdated Armenian power infrastructure. 

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

ENA is a closed joint stock company established under the laws of Armenia, which is involved into electricity transmission and distribution in the country. ENA is 100% owned by Tashir Group, a large diversified group of over 200 industrial and construction companies, which in its turn is ultimately controlled by the Armenian-born entrepreneur Samvel Karapetyan and his family members.

Contact Information

Project Contact: Armen Arshakyan
Electric Network Armenia
Email Address: arshakyan_AS@ena.am
Telephone No.: +37477774000
Website: www.ena.am

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.