Halyvourgia RRF (EBRD-56765)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Greece
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.
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
Dec 9, 2025
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
Hellenic Halyvourgia S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Industry and Trade
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)
$ 8.37 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 7.2
Converted using 2025-12-09 exchange rate.
Loan Amount (USD)
$ 8.37 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 7.2
Converted using 2025-12-09 exchange rate.
Project Cost (USD)
$ 27.91 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 24
Converted using 2025-12-09 exchange rate.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jan 12, 2026

Disclosed by Bank Dec 4, 2025

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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 loan of up to EUR 19.2 million, secured against the Borrower's assets, benefitting from a corporate guarantee from the Sponsor, with a tenor of up to 8 years, including a grace period of up to 18 months. The loan is presented under the Greek RRF Co-Financing Framework (DTM ID 53126; BSD22-112), structured in two tranches: (i) up to EUR 7.2 million provided by the EBRD and (ii) up to EUR 12.0 million channelled through the Greek RRF CLF Window of the EBRD/EU Special Fund.

The loan proceeds will finance the construction of a 32MW photovoltaic park to cover HLV's manufacturing facilities in Greece. The Project supports HLV in decarbonising its production process, through the replacement of power generation with renewable energy sources (RES)-produced electricity, resulting in a reduction of corresponding Scope 2 GHG emissions. The Project is attributed 100% Green finance.

The Project involves development of two photovoltaic parks with a combined capacity of approximately 32MW (13.6MW and 18.4MW) and located 35km from the Client's production facilities in Greece, to cover part of their electricity needs. Grid connection will be via virtual PPA (PV power into the national grid and refed to the plant from the grid). Potential risks derive primarily from construction impacts, including waste management, noise, minor dust emissions, health and safety on-site, supply chain risks associated with PV panel procurement, biodiversity, and land acquisition. An ESAP has been developed to align the Project with the Bank's requirements and will be agreed prior to signing.

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 will be a Special Purpose Vehicle, established in Greece for the sole purpose of developing and operating the Project. The Borrower will be 100% owned by Hellenic Halyvourgia S.A., a Greek steel producer specialised in the manufacturing of concrete reinforcing steel rebars, meshes and wire rod.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Hellenic Halyvourgia SA Client Industry and Trade

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 - Hellenic Halyvourgia S.A.:

Efthimios Tatsios
Email: tatsios@hlv.gr 
Phone: +30 694 044 1929
Fax: +30 210 923 2806
Website: www.hlv.gr 
Address: 86A, Othonos & Kokkota str., 14561 Kifissia, Greece

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