USELF - Chigirin Solar (EBRD-50602)

Countries
  • Ukraine
Where the impacts of the investment may be experienced.
Specific Location
Cherkassy region
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
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
May 7, 2019
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
Greenteco SES LLC
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 Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 22.05 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 19.679
Converted using 2019-05-15 exchange rate.
Project Cost (USD)
$ 63.01 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 56.226
Converted using 2019-05-15 exchange rate.
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jun 14, 2019

Disclosed by Bank May 15, 2019


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Project Description

According to the Bank's website, this project provides financing for the development, construction and operation of a solar photovoltaic power plant in the Cherkassy region of Ukraine. This project is part of the larger project: Ukrainian Sustainable Energy Lending Facility III that seeks to support renewable energy in Ukraine. 

Storm water drainage has been considered as part of the Envrionmental and Social Due Diligence given the proximity of the project site to the River Tiasmin. 

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

Greenteco SES LLC is a special purpose vehicle incorporated in Ukraine for the purpose of the development, construction and operation of the Project. The borrower is ultimately owned by Scatec Solar ASA, based in Norway. 

The Netherlands Development Finance Company (FMO) is also considering investing in the project. 

Contact Information

Isil Onan
isil.onan@scatecsolar.com
+47 480 85 500
www.scatecsolar.com
Karenslyst Allé 49, NO-0279 Oslo, Norway

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.