Early Warning System

Countries

Ukraine

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

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

Dec 4, 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

Wind Power GSI Volyn LLC; Wind Power GSI Volyn 3 LLC

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)

$ 67.32 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 62
Converted using 2024-10-30 exchange rate.

Project Cost (USD)

$ 255.17 million

Bank Documents

Translation: Galnaftogaz Wind (Ukrainian)

Primary Source

Original disclosure @ EBRD website

Updated in EWS Nov 6, 2024

Disclosed by Bank Oct 30, 2024

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Can you contribute information about this project?
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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 Bank’s website, the project involves a long-term senior loan to Wind Power GSI Volyn LLC and Wind Power GSI Volyn 3 LLC, special purpose companies incorporated in Ukraine. The loan proceeds will finance the construction and operation of a 147 MW wind power plant in Ukraine.

The Project will strengthen Ukraine's energy resilience by constructing a 147 MW wind power plant, the first greenfield private project in Ukraine's power sector financed by EBRD since the beginning of the war. With significant power generation capacity of Ukraine destroyed as a result of the war, this investment is crucial to address the severe energy shortfall, support Ukraine's decarbonization goals, and boost the private sector's role in further development of the renewable energy sector in the country.

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.

Categorised B (2019 ESP) and High risk due to sector and potential impacts on biodiversity and supply chain risks. The key E&S issues arising from construction and operation of 147 MW wind power plant and associated grid connection infrastructure are associated with avifauna impacts from wind turbines and OHTL, land and livelihood impacts, construction labour safety and supply chain.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

A long-term senior loan.

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.

Wind Power GSI Volyn LLC and Wind Power GSI Volyn 3 LLC are special purpose companies established in Ukraine specifically to construct and operate a 147 MW wind farm. The Borrowers are majority-owned by GNG Retail Limited and its subsidiary JSC Concern Galnaftogaz (together "GNG Group"). GNG Group is the Ukraine's largest transportation fuels retail company in terms of sales volume.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	JSC Concern Galnaftogaz	Parent Company	-
-	-	-	-	Wind Power GSI Volyn 3 LLC	Client	-
-	-	-	-	Wind Power GSI Volyn LLC	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.

COMPANY CONTACT INFORMATION

Oleksii Konenko
okonenko@gng.com.ua
+38 067 208 86 59
https://www.okko-group.com.ua/

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