InvestEU BF FW - Bioforce (EBRD-55584)

Countries
  • Estonia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Viiratsi
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
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
Oct 18, 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
Bioforce Viiratsi OU
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Industry and Trade
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)
$ 23.92 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 22
Converted using 2024-10-18 exchange rate.
Project Cost (USD)
$ 34.25 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 31.5
Converted using 2024-10-18 exchange rate.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 23, 2025

Disclosed by Bank Oct 21, 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 consists of a senior secured loan of up to EUR 22 million to Bioforce Viiratsi OU, a special purpose company incorporated in Estonia for the purpose of developing and operating a biomethane production plant. The Project will benefit from the EBRD InvestEU Framework for Biofuels Development.

The Bank's proceeds will be used for the construction of a biomethane plant in Viiratsi in Estonia with an annual production capacity of 112 GWh. The Project is expected to contribute towards achieving the country's renewable fuel target and become the fourth waste-to-biomethane production plant of Bioforce Group OU and largest in the Baltic region, thus turning the Group into a leading producer in Estonia and an active promoter of green solutions to Estonia's public transport.

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) and Low-Medium risk. The Project consists of construction and operation of a waste-to-biomethane production plant by Bioforce in Viiratsi, Estonia. The land to be used for the Project belongs to AS Maag Eesti, a subsidiary of Maag Grupp, a 10 per cent shareholder of the Bioforce Viiratsi OU. Maag Grupp would be also the waste supplier, operating a pig farm adjacent to the proposed facility. No economic/physical displacement or long-distance transportation of the waste are envisaged.

The ESDD focused on the identified key E&S risks and impacts, including supplier and contractor management, construction phase and labour issues, methane leakage controls, fire and explosion safety, solid waste and wastewater management, impacts on local traffic, potential odour nuisance during operation phase and stakeholder engagement.

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

A senior secured loan of up to EUR 22 million.

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.

Bioforce Viiratsi OU is a special purpose company incorporated in Estonia, 90 per cent owned by Bioforce Production OU, a subsidiary of Bioforce Group (the "Group"), and 10 per cent owned by Maag Grupp. Bioforce Group is involved in the Compressed Natural Gas ("CNG") tanking station operations, biomethane production and distribution. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Bioforce Viiratsi OU 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

Henry Uljas
henry@bioforce.ee
+3725036036
www.bioforce.ee
Bioforce Group OU, Paldinski mnt 96, 13522, Tallinn, Estonia

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