KC Pihlaka Solar PV (EBRD-54611)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Estonia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Pihlaka, Tallinn
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
Feb 20, 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
KC Solar2 OU (KC Energy OU)
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)
$ 23.69 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 2024-02-20 exchange rate.
Loan Amount (USD)
$ 23.69 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 2024-02-20 exchange rate.
Project Cost (USD)
$ 37.66 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 34.98
Converted using 2024-02-20 exchange rate.
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 21, 2024

Disclosed by Bank Feb 19, 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 EBRD, the Project consists of a senior secured limited recourse project financing loan of up to EUR 22 million in favor of KC Solar2 OU, a special purpose vehicle incorporated in Estonia established to develop, construct and operate a portfolio of two solar PV power plants with a total capacity of 51.43MW located near Tallinn, in Estonia. EBRD loan is approved under EBRD InvestEU Framework for Sustainable Transition (54197).

The operation will enable the Borrower to develop, construct and operate the Project by financing the second solar PV power plant of 44 MW installed capacity.

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.

As stated by the EBRD, the Borrower is KC Solar2 OU, a special purpose vehicle incorporated in Estonia, established for the sole purpose of carrying out the Project. The Borrower is fully (100%) owned by the Sponsor, KC ENERGY OU, an Estonian renewable developer owning a portfolio of solar PV in Estonia. The Sponsor is a 50/50 joint venture between (i) Kaamos Group, an Estonian business Group operating in the real estate, construction and energy industries, and (ii) Combiwood Invest OU, an Estonian wood processing company.

As stated on the company's website, Kaamos is a family office which was established by the Joeleht family in 2002. Strongly capitalised and professionally run, it brings together all of the companies in the Kaamos Group. The group’s biggest investments to date have been in real estate (76%) and the timber industry (18%). Its investments have been made in three countries: Estonia, Latvia and Belarus.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Combiwood Invest OÜ Parent Company Agriculture and Forestry contracts with Kaamos Group Parent Company Industry and Trade
Combiwood Invest OÜ Parent Company Agriculture and Forestry owns KC Energy OÜ Client Energy
Kaamos Group Parent Company Industry and Trade owns KC Energy OÜ 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 - KC Solar2 OU:

Mart Peling
Email: mart.peling@kaamos.ee
Website: https://kaamos.ee/?lang=en
Address: Kaamos Group OÜ Veskiposti 2a, 11624 Tallinn

Parent Company - KC Energy OU:

Address: Harju maakond, Tallinn, Kesklinna linnaosa, Veskiposti tn 2, 10138
Email: mihkel.loorits@kaamos.ee
Phone: +372 55653326

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