Giurgiu Solar (Ghimpati and Iepuresti) Romania (EBRD-54253)

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.
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
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 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
RTG Solar Energy S.R.L and Solis Imperium S.R.L
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)
$ 59.72 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 55
Converted using 2024-01-23 exchange rate.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Dec 23, 2024

Disclosed by Bank Jan 23, 2024

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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 involves the provision of a senior loan of up to EUR [55.0] MM in favour of RTG Solar Energy S.R.L ("Iepuresti Project") and Solis Imperium S.R.L ("Ghimati Project"; together, "Borrowers," "Companies"), limited liability companies incorporated in Romania. The loan will be dedicated for the construction and operation of solar farms with capacity of 315MW in south-eastern Romania. The Project consists of two separate sites and is expected to generate around 400 GWh of electricity a year. The EBRD loan is expected to be approved partially under the EBRD InvestEU Framework for Sustainable Transition (OpID 54197).

The Project will contribute to climate change mitigation and the Romanian green energy transition by adding 315 MW of solar generation capacity to the Romanian national energy system. It will also strengthen the private sector presence in the renewable energy sector in Romania.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Categorised B (2019 ESP). The Project consists of the development, construction and operation of a portfolio of solar photovoltaic plants ("SPP") (including a 146 MW, and a 169 MW, solar farm) with total capacity of 315 MW (the "Project") located in south-eastern Romania. The Project will be developed on greenfield area on three sites:  169MW solar farm known as "Iepuresti" and 146 MW solar farm known as "GhimpatI", located in Iepuresti region in Giurgiu county, outside any protected areas. 

Key Environmental and Social (E&S) impacts/risks associated with the construction and operation of the PV sites are biodiversity, cumulative and landscape impacts as well as labour and OHS risks during the construction phase, and stakeholder engagement. Environmental and Social Due Diligence ("ESDD") has been undertaken by an independent consultant.  The focus of the ESDD was to assess sites sensitivity and suitability and development of appropriate stakeholder engagement disclosure documentation.

The solar park will be developed on arable land, far from local, national or community level protected areas. The ESDD reviewed the local permitting process, and the main finding is that the competent environmental authorities decided that the project has minimum environmental risk and no EIA report was required. All the land needed for the Project development was purchased via direct agreement with sellers and the rightful owners of land plots necessary for this solar park and the substation are currently Sponsor group companies.

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

Provision of a senior loan of up to EUR 55.0 MM in favour of favour of RTG Solar Energy S.R.L and Solis Imperium S.R.L, limited liability companies incorporated in Romania.

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.

RTG Solar Energy S.R.L and Solis Imperium S.R.L are limited liability companies incorporated in Romania for the purpose of constructing and operating two solar PV power plants with a total installed capacity of 315MW in south-eastern Romania. The Ghimpati and Iepuresti Projects are ultimately owned by OY Nofar Energy Ltd ("Nofar"), an Israeli renewable energy company publicly 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
- - - - OY Nofar Energy Ltd Parent Company -
- - - - RTG Solar Energy S.R.L Client -
- - - - Solis Imperium S.R.L Client -

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.

COMPANY CONTACT INFORMATION

Andreea Gilicelandreea@nofar-energy.comNofar Energy SRL
Voluntari City, Ilfov, 1 Pipera Blvd, 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

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How it works