Renewable District Energy Serbia (EBRD-53021)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Serbia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Pancevo, Vrsac, Kraljevo, Nis, Bogatic, Becej, Krusevac, Novi Pazar, Paracin and Kragujevac)
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
Proposed
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
Mar 22, 2023
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
Government of Serbia
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Law and Government
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)
$ 32.04 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 30
Converted using 2022-12-14 exchange rate.
Loan Amount (USD)
$ 32.04 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.
Project Cost (USD)
$ 40.04 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 37.5
Converted using 2022-12-14 exchange rate.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 17, 2023

Disclosed by Bank Sep 22, 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’s website, the project consists of provision of a sovereign loan of up to EUR 30 million to the Republic of Serbia to finance investments in Renewable District Energy ("ReDE") in several District Heating Companies ("DHCs") across the country.

DH systems in Serbia depend almost exclusively on fossil fuels. The Project aims to support decarbonisation of the DH systems by introducing 115 GWh of produced renewable and waste heat, which is expected to provide significant environmental benefits and contribute to energy security. Most of the ReDE technologies envisaged under the Project will be applied for the first time in South-Eastern Europe. In addition, the Project is accompanied by an ambitious policy dialogue package related to further DH sector development, including the development of a regulatory framework to stimulate further investments in ReDE generation.

The Project will support integration of solar-thermal, heat pump, and geothermal technology in existing district heating ("DH") systems in ten cities in Serbia (Pancevo, Vrsac, Kraljevo, Nis, Bogatic, Becej, Krusevac, Novi Pazar, Paracin and Kragujevac). The sub-projects were assessed and selected through the Renewable District Energy in the Western Balkans Programme ("ReDEWeB") established by the EBRD in 2019. ReDEWeB was set up in partnership with the Government of Austria to incentivise reforms and create an enabling environment for financing ReDE investments in the Western Balkans.

The Project is expected to be co-financed by investment and technical assistance grants from the Swiss State Secretariat for Economic Affairs ("SECO") and European Union under the Regional Energy Efficiency Programme ("REEP"). 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

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.

The Borrower is the Republic of Serbia represented by the Ministry of Finance. The Project will be implemented by the Ministry of Mining and Energy ("MoME").   

CONTACT INFORMATION

Senida Tahirbegovic
senida.tahirbegovic@mre.gov.rs
(+381) 11 3346 755
https://www.mre.gov.rs/en
Ministry of Mining and Energy, Nemanjina 22-26, 11000 Belgrade

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

How it works

How it works