Early Warning System

Regions

Europe and Central Asia

Geographic location where the impacts of the investment may be experienced.

Countries

Romania

Geographic location where the impacts of the investment may be experienced.

Specific Location

Braila 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

Proposed

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

Feb 7, 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

Urleasca Wind Farm SRL, BIG Energia Holdings kft

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

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, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 49.95 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 45.9
Converted using 2023-12-13 exchange rate.

Loan Amount (USD)

$ 49.95 million

Bank Documents

Translation: Urleasca Wind (Romanian)

Primary Source

Original disclosure @ EBRD website

Updated in EWS Jan 20, 2024

Disclosed by Bank Dec 13, 2023

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 by the EBRD, the project consists of the provision of a senior loan of up to EUR 45.9 million in favour of Urleasca Wind Farm SRL, a special purpose vehicle incorporated in Romania. The loan will be dedicated for the construction and operation of a 102MW onshore wind farm in the Braila region of Eastern Romania. The Project consists of 17 wind turbines and is expected to generate 270GWh of electricity per annum.

The Project will contribute to climate mitigation by adding 102MW wind generation capacity to the Romanian national energy system. Wind and solar farms are critical to Romania in achieving its commitment to fully phase out coal by 2032. In addition, the Project will strengthen the private sector's role in the renewable energy sector in Romania.

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, Urleasca Wind Farm SRL is a limited liability company incorporated in Romania and established for the sole purpose of constructing and operating the Urleasca wind farm. The Company is ultimately fully owned by BIG Energia Holdings kft established in Hungary, which is in turn is owned by BIG Shopping Centers ltd and MEGA OR ltd., both are Israeli companies operating as owners and developers of shopping malls and logistics properties, and both are listed on the Tel Aviv stock exchange.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
Mega Or Holdings Ltd	Parent Company	Industry and Trade	contracts with	BIG Shopping Centers ltd	Parent Company	Industry and Trade

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 - Urleasca Wind Farm SRL:

Tomer Nir
Email: tomer@bigmegare.com
Address: Bucharest, District 1, 169A Floreasca Way, Romania

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