Early Warning System

Regions

Europe and Central Asia

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

Countries

Romania

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

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

Apr 10, 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

Premier Energy PLC

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)

$ 32.23 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 149.09
Converted using 2024-04-10 exchange rate.

Project Cost (USD)

$ 140.31 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Jul 1, 2024

Disclosed by Bank Jun 27, 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 an equity investment of RON 77.1 million (EUR 15.5 million) in the initial public offering ("IPO") of Premier Energy PLC, one of the fastest growing private integrated energy players in southeastern Europe, with operations in Romania and Moldova. The EBRD subscribed to 10.99% of the newly issued shares in the IPO, representing a 3.2% total ownership stake in the Company. Premier Energy's shares are listed on the Bucharest Stock Exchange (BSE) and began trading on 28 May 2024.

To support the Company in raising funds for renewable energy expansion and to contribute to local capital market development in Romania. The IPO proceeds will be exclusively directed towards expanding Premier's renewable energy generation capacity, both organically, and via acquisition of renewable projects and operating plants located primarily in Romania and Moldova.

The EBRD's involvement in anchoring the issuance played an important role in attracting other investors. Through this transaction, the EBRD assists Premier with addressing its top corporate priorities, namely: (i) scaling up renewables, (ii) development of a decarbonisation plan, (iii) development of corporate governance action plan, and (iv) promotion of equal opportunities in the green energy sector.

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, Premier is a rapidly growing vertically integrated energy infrastructure company in Southeastern Europe, operating primarily in Romania and Moldova. Its core business lines include renewable electricity generation and supply, electricity distribution in Moldova, electricity supply both in Moldova and Romania, and gas distribution and supply in Romania. Premier has a renewable energy ("RE") generation capacity of owned and managed plants of over 900 MW in Romania and more than 50 MW in Moldova, with plans to reach between 1.4 GW and 1.6 GW of installed RE capacity in Romania in the next few years. Additionally, Premier recently acquired CEZ Vanzare, significantly expanding its client base in the electricity and gas supply sector, in Romania.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Premier Energy SRL	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 - Premier Energy PLC:

Madalina Vasile
Email: office@premierenergygroup.eu
Phone: 00402123110210
Website: https://www.premierenergygroup.eu/
Address: 48 Themistokli Dervi Ave., 3rd Floor, Office 303, 1066 NICOSIA, Cyprus

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