Athens e-ticketing PPP (EBRD-48862)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Greece
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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
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."
Borrower
Hellas SmartTicket S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Transport
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)
$ 16.01 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 14
Converted using 2018-11-07 exchange rate.
Loan Amount (USD)
$ 16.01 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.
Project Cost (USD)
$ 80.37 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 70.3
Converted using 2018-11-07 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 12, 2019

Disclosed by Bank Nov 7, 2018

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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 EBRD website, the project will provide a bond-loan of up to EUR 14 million to refinance the loan of Hellas Smarticket S.A., and transform sponsor guaranteed debt into non-recourse project financing. Hellas Smarticket S.A Project is an e-ticketing project that consists in building, operating, and maintaining the integrated automatic fare collection system for the companies of Athens Urban Transportation Organisation in the city of Athens, under a PPP scheme. The EBRD will co-finance alongside a commercial lender.

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

Hellas SmartTicket S.A. is a Greek SPV established to finance, install, operate, support, and maintain a single automated fare collection system for public transportation in Athens, Greece.

Terna Energy S.A. (energy and construction sector, part of a leading Greek Business group),  GEK Terna (a major Greek Real Estate Construction Holding) and LG CNS (Subsidiary of LG providing IT consulting, system integration, outsourcing and industry based IT infrastructure solutions, covering notably a full range of transporation systems including urban transports) are its shareholders (respectively 35 percent, 35 percent and 30 percent of stakes).

 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Hellas SmartTicket S.A. Client -
- - - - Terna Energy S.A. 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.

Project Contact: Vassilis Politis
Email Address: vpolitis@terna-energy.com
Telephone No.: +302106968898; +302106968796
Website: terna-energy.com
Office Address: 124 Kifisia Ave Athens 11526 Greece

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, 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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