GrCF 2 W1-Termoelectrica: Chisinau District Heating (EBRD-54427)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Moldova
Geographic location where the impacts of the investment may be experienced.
Specific Location
Chisinau
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
Dec 13, 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 Moldova
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)
$ 147.40 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 138
Converted using 2023-09-19 exchange rate.
Loan Amount (USD)
$ 147.40 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 138
Converted using 2023-09-19 exchange rate.
Project Cost (USD)
$ 348.22 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 326
Converted using 2023-09-19 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Sep 20, 2023

Disclosed by Bank Sep 19, 2023

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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 a sovereign loan to the Republic of Moldova for the benefit of Termoelectrica JSC to finance demand side measures, such as: (i) Construction of Horizontal Networks in Buildings; (ii) Supply and Installation of Individual Heating Sub-stations; (iii) Rehabilitation of District Heating Network; and (iv) Construction of Pumping Station.

The Project will be a follow-on investment under approved Chisinau Green City Action Plan, in relation to the strategic objective of Sustainable and efficient energy.

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

As stated by the EBRD, the loan is expected to be complemented by a concessional loan and an investment grant, as well as by financing to be provided by other international financial institutions.

Pre-Loan Signing:

  • Feasibility Study - EUR 475,560 financed by Sweden.
  • Advance Procurement Support - estimated at up to EUR 30,000, funding source to be confirmed.

Post-Loan Signing:

  • Project Implementation Support and Works Supervision -  estimated at up to EUR 1,250,000, funding source to be confirmed.
  • Corporate Development Programme  -  estimated at up to EUR 300,000, funding source to be confirmed.
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, the contractor is Termoelectrica - a joint-stock company, state-owned, the largest DH supplier in the country, the main producer of thermal energy in cogeneration mode and electricity.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Termoelectrica JSC Contractor 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.

Borrower - Ministry of Finance:

Address: 7 Constantin Tanase str., Chisinau, MD-2005, Republic of Moldova
Phone: +(373) 22 262-523
Email:
Website: https://mf.gov.md/en

Contractor - Termoelectrica JSC:

Iurie Razlovan
Email: anticamera@termoelectrica.md
Phone: +373 022 43-64-59
Website: https://termoelectrica.md/
Address: 6, Tudor Vladimirescu street, Chisinau, MD-2024, Republic of Moldova

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