Solarina SPP (EBRD-55326)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Serbia
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
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
Apr 29, 2026
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
Solarina d.o.o. (CWP Europe)
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)
$ 44.97 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 38.72
Converted using 2026-03-24 exchange rate.
Loan Amount (USD)
$ 44.97 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 38.72
Converted using 2026-03-24 exchange rate.
Project Cost (USD)
$ 180.83 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 155.7
Converted using 2026-03-24 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 30, 2026

Disclosed by Bank Mar 24, 2026

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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.

As stated by the EBRD, the Project involves a senior secured loan of up to EUR36.2 million in favour of Solarina d.o.o., a limited liability company incorporated in Serbia for the development, construction, and operation of a solar photovoltaic (PV) power plant with an installed capacity of 192 MWp. In addition, a guarantee facility of up to EUR2.52 million will be provided to secure the Borrower's capacity under Serbia's ContractiforiDifference scheme.

The Project will be the largest solar power plant to-date in Serbia and will contribute to climate change mitigation and support Serbia's green energy transition by adding 192 MWp of solar generation capacity to the national energy system. It will strengthen private sector participation in the renewable energy sector and promote gender equality throuesiagh a structured outreach campaign encouraging women's involvement in technical roles within the industry.

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). The Project includes the construction and operation of a 192 MWp (150 MWac) photovoltaic power plant. The Project will occupy an area of approx. 320 ha and will include (i) construction of three PV subsites (Celina 1, 2 and 3); (ii) construction of Solarina PV substation and construction of underground cables; (iii) construction of interconnection consisting of 16.8 km 110 kV OHL and 1.45 km underground cables from PV Solarina to the existing PV Bor 2 Substation; and (iv) access roads. The Environmental and Social Due Diligence ("ESDD") was carried out by an independent consultant and included a gap analysis of the existing Environmental and Social Impact Assessment ("ESIA") prepared by the Client's independent consultant, and has been supplemented by additional surveys, studies, and assessment of Environment and Social ("E&S") project impacts in line with the EBRD's E&S Policy and Performance Requirements. The Ministry of Environmental Protection determined that the Project does not require a local Environmental Impact Assessment. The Environmental and Social Action Plan ("ESAP") has been developed and agreed with the Client. The ESAP includes requirements for the Client to establish an E&S Management System and appoint a dedicated E&S specialist to fully comply with requirements of PR1. A Project-specific Environmental and Social Management Plan ("ESMP") has been prepared for the Project outlining E&S mitigation and monitoring measures to be followed during construction works. The ESDD confirmed that the site is not located in a sensitive location in terms of human receptors and will not trigger resettlements. Overall, the ESDD confirmed that the Project is structured to comply with the Bank's PRs.

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, Solarina d.o.o. is a limited liability company incorporated in Serbia, established for the development, construction, and operation of the Solarina solar PV power plant. The company is fully owned by CWP Europe ("CWPE"), a leading renewable energy developer in Southeast Europe, with a strong track record in wind and solar project development. As of 2025, the Client had a pipeline under development of 7 GW across the region, with 938 MW operational or under construction. CWPE's pipeline spans ten countries, including Serbia, Bulgaria, Romania, Montenegro, Albania, North Macedonia, Croatia, Moldova, and Ukraine. Its geographically diversified portfolio includes over 6 GW of wind and around 1 GW of solar assets.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
CWP Europe Parent Company Energy owns Solarina d.o.o. 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 - Solarina d.o.o. (CWP Europe):

Vladan Rankov
Email: vladan.rankov@cwp.global 
Phone: +381 11 785 00 28
Website: https://solarina.rs/en/ 

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