Early Warning System

Regions

Europe and Central Asia

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

Countries

Montenegro

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

Specific Location

Brezna, Pluzine, Vilusi, Herceg Novi

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

Jul 3, 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

Crnogorski Elektroprenosni Sistem AD

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Energy
Infrastructure

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)

$ 30.27 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 28
Converted using 2024-02-20 exchange rate.

Loan Amount (USD)

$ 30.27 million

Project Cost (USD)

$ 38.92 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Dec 23, 2024

Disclosed by Bank Feb 20, 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.

As stated on the project disclosure page, the EBRD is considering providing a sovereign-guaranteed loan of up to EUR 28 million to Crnogorski Elektroprenosni Sistem AD. The proceeds of the EBRD financing will be used to finance the upgrade of the existing electrical substation (SS) Brezna located in the Municipality of Pluzine from 110/35 kV to 400/110/35 kV by installing two power transformers 400/110 kV and connecting them to the national transmission network via the new 400 kV OHL Lastva-Pljevlja, which is currently in the development stage.

The implementation of the Project will expand the substation Brezna 110/35 kV by building the new 400/110 kV facility. This development is pivotal to the integration of a considerable array of Renewable Energy (RE) power plants with the Brezna substation, presently in the preliminary stages of development by private entities. The realization of this project is also projected to significantly reduce energy losses, with an estimated reduction of approximately 4MWh, equating to the annual emission reduction of over 6,000 tCO2.

The project will allow the integration of at least 300 MW new large scale renewable energy power plants.

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, Crnogorski Elektroprenosni Sistem AD is the Montenegrin transmission system operator that owns and operates substations and transmission lines at 400kV, 220kV, and 110kV voltage level. It has a transmission network that consists of 59 lines that are about 1,512 km long. Total transformation capacity comprises 4,166 MVA (with a total of 55 transformer units). The interconnectivity with neighbouring electric power systems includes Serbia, Kosovo, Bosnia-Herzegovina, Albania, and Italy (via the undersea cable).

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Crnogorski Elektroprenosni Sistem AD	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 - Crnogorski Elektroprenosni Sistem AD:

Dragan Perunovic
Email: dragan.Perunovic@cges.me
Phone: +382 20 407 646 / + 382 20 407 646
Website: www.cges.me
Address: Bulevar Svetog Petra Cetinjskog br.18, Podgorica, Crna Gora

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