Early Warning System

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.

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

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 20, 2024

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

Crnogorski Elektrodistributivni Sistem DOO (CEDIS)

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Energy
Infrastructure

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)

$ 37.77 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 35
Converted using 2024-05-13 exchange rate.

Loan Amount (USD)

$ 37.77 million

Project Cost (USD)

$ 37.77 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Dec 27, 2024

Disclosed by Bank May 13, 2024

Contribute Information
Can you contribute information about this project?
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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.

As stated on the project disclosure page, the EBRD is considering providing a senior unsecured loan of up to EUR 35 million to Crnogorski Elektrodistributivni Sistem DOO (CEDIS). The proceeds of the EBRD financing will be used to finance the acquiring and implementation of SCADA/ADMS system and new smart meters procurement. The loan consists of two tranches: 1) EUR 25 million, allocated as EUR 15 million for Phase I of SCADA/ADMS implementation and EUR 10 million for the procurement of new smart meters, and 2) EUR 10 million earmarked for Phase II of the SCADA/ADMS implementation.

The implementation of the Project will introduce SCADA and ADMS systems (Supervisory Control and Data Acquisition, and Advanced Distribution Management System) and support the procurement of new smart meters in the distribution system operator. The Project will reduce technical losses by 10-30 per cent, reduce the energy outages of the grid by approx. six times, allow integration of new renewable energy sources (RES) into the grid, and increase the cyber security level, among other benefits. The replacement of CEDIS's legacy distribution management system will finally result in an improved quality of life for the population, and an optimisation of the Company's operations. The Project will also further support the roll out of smart meters in line with EU and Energy Community standards.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

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, CEDIS owns and operates the power distribution networks in Montenegro of up to 35 kV. It is fully owned by Elektroprivreda Crne Gore AD Niksic and operates as a standalone legal entity as of 1 July 2016. The Company has a natural monopoly over electricity distribution and it distributes c. 2.8 TWh to circa 440,000 consumers over its 20,000 km of networks and 5,000 substations while it employs c. 1,470 people.

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	Parent Company	Energy	owns	Crnogorski Elektrodistributivni Sistem DOO (CEDIS)	Client	Energy

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.

Client - Crnogorski Elektrodistributivni Sistem DOO (CEDIS):

Goran Kovacevic
Email: goran.kovacevic@cedis.me
Phone: +382 20 404 945
Website: www.cedis.me
Address: Ivana Milutinovica br. 12, Podgorica, 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