Early Warning System

Regions

Europe and Central Asia

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

Countries

Hungary

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

Specific Location

Borsod-Abauj-Zemplen County in northeastern Hungary

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

Oct 22, 2025

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

Cephei Renewable Energy Kft. (GoldenPeaks Capital)

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 Amount (USD)

Not Disclosed

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.

Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 19, 2025

Disclosed by Bank Aug 13, 2025

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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 operation involves the provision of a non-recourse, long-term senior project financing in favour of Cephei Renewable Energy Kft., a limited liability company incorporated in Hungary and established to hold solar project entities. The Borrower is part of GoldenPeaks Capital, a European independent power producer and trader. The EBRD loan is expected to be approved under the EBRD InvestEU Framework for Sustainable Transition.

The operation will enable the Borrower to develop, construct and operate a portfolio of 6 solar PV projects located in northeastern Hungary, with a total installed capacity of 250 MW.

The Project will generate 320 GWh of electricity annually, resulting in an estimate of approximately 82,000 tonnes of CO2 emission savings annually. In addition, the Project will enhance both competition and liquidity in the Hungarian electricity market. The operation will be 100% GET.

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.

According to the EBRD, E&S risks associated with the development of a portfolio of greenfield PV projects of 250 MW are site-specific and include cultural heritage, land acquisition, and biodiversity. The Project, sponsored by GoldenPeaks Capital (GPC), consists of six sub-projects across agricultural land in four rural settlements in Borsod-Abauj-Zemplen County in northeastern Hungary.

All six subprojects completed Preliminary Environmental Assessments in compliance with Hungarian legislation and EU directives. Approvals and permits are in place, except for Sajoszoged II permit which requires an update associated with the further assessment due to its expansion into buffer zones of a nationally designated ecological corridor.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

Information on the investment type and amount not provided at the time of disclosure.

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 Project is being implemented by the Sponsor, GoldenPeaks Capital Holding Ltd, a renewables developer established in Malta. The Sponsor owns 1.7 GW of operational and under-construction assets and 1.0 GW ready-to-build assets in Poland and Hungary and maintains a further development pipeline of around 5 GW of solar PV and 1.2 GW of BESS, underscoring its strong regional presence and growth trajectory in the renewable energy sector.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	GoldenPeaks Capital	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 - Cephei Renewable Energy Kft. (GoldenPeaks Capital):

Anna Ebanoidze
Email: ae@goldenpeakscapital.com
Website: https://goldenpeakscapital.com

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