Early Warning System

Regions

Europe and Central Asia

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

Countries

Croatia

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

Specific Location

Sibenik

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

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

Nov 22, 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

IE-Energy Projekt d.d.

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)

Equity

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 17.45 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 16.75
Converted using 2024-11-22 exchange rate.

Other Related Projects

EBRD-48501 Direct Finance Framework non SME

Primary Source

Original disclosure @ EBRD website

Updated in EWS Dec 20, 2024

Disclosed by Bank Dec 17, 2024

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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 EBRD, the project consists of a direct equity investment of up to EUR 16.8 million in favour of IE-Energy Projekt d.d., a joint stock company to be established for the greenfield development of an up to 60 MW battery energy storage system and Virtual Power Plant ("VPP") in Sibenik, Croatia.

EBRD's investment is approved under the EBRD Direct Finance Framework non SME. The Project also envisages an EUR16.5m capex grant from the EU Modernisation Fund as well as an equivalent investment from a financial co-investor.

Following the capital injection, the founding shareholder IND-EKO PLUS d.o.o. ("IND-EKO") will retain a majority stake and continue to lead the Company. The Project will utilise a VPP platform developed and implemented in Slovenia by NGEN energetske resitve d.o.o. ("NGEN"), an experienced party already operating in the battery storage and VPP space. NGEN will take a 50% stake in in one of the Company's subsidiaries dedicated to VPP management and will provide the algorithmic electricity trading platform which will be used by the Company.

The proceeds will be used to support the Company's deployment of a BESS and VPP system in Croatia and its long-term growth strategy.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

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, IE-Energy Projekt d.d. is a joint stock company to be established by IND-EKO PLUS d.o.o. for the greenfield development of a BESS and VPP asset in Šibenik, Croatia.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
IND-EKO PLUS d.o.o.	Parent Company	Energy	owns	IE-Energy Projekt d.d.	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 - IE-Energy Projekt d.d.:

Mr Zeljko Smitran
Email: zeljko.smitran@ie-energy.hr
Phone: +385 51 332 713
Website: https://ie-energy.hr/
Address: Urinj 46 HR-51221 Kostrena Croatia

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