Helpe Solar (EBRD-52071)

Countries
  • Greece
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
Sep 16, 2020
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
Hellenic Petroleum SA
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)
$ 88.53 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 75
Converted using 2020-09-16 exchange rate.
Loan Amount (USD)
$ 88.53 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Dec 15, 2020

Disclosed by Bank Aug 12, 2020


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Project Description

The provision of long-term financing of up to EUR75 million to Hellenic Petroleum for the construction of a portfolio of photovoltaic (PV) plants with total installed capacity of 204MW in Western Macedonia, Greece. This will contribute to climate mitigation by increasing the share of privately owned renewable energy generation in Greece and add 204MW solar PV generation capacity to the national energy system. It will be key to Greece's decarbonisation plans that envisage the decommissioning of the country's lignite-fired generation plants by 2028.

 

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

Founded in 1998, Hellenic Petroleum is one of the leading energy groups in South East Europe, with activities spanning across the energy value chain and presence in 6 countries. Its shares are primarily listed on the Athens Exchange with a secondary listing on the London Stock exchange.

Contact Information

Vasilis Tsaitas
vtsaitas@helpe.gr
+30 210 6302 399
+30 210 6302 256
www.hellenic-petroleum.gr
8A Chimarras Street, 151 25 Maroussi, Athens, Greece

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