The EBRD is considering providing an A/B loan of up to € 92 million to finance the construction and operation of 80 MW Chirnogeni wind farm located in Dobrogea region. The construction is expected to start at the beginning of 2012,and full commissioning is expected to take place during the first quarter of 2013.
The Project will support Romania's efforts to increase its renewable energy capacity to meet EU’s green energy quotas.
The Project will support Romania's efforts to increase its renewable energy capacity to meet EU’s green energy quotas.
Transition Impact
Through this Project, the Bank will support the expansion of renewable energy market in Romania.
The Project has the potential to help solidify the regulatory regime for renewable energy, to demonstrate a successfully operating large scale wind power generation facility and attract other investors in the Romanian renewable energy sector. In addition, the transition impact is expected to come from improving the standards for business conduct through the Client's application of international best practice in its environmental impact assessment.
The Project has the potential to help solidify the regulatory regime for renewable energy, to demonstrate a successfully operating large scale wind power generation facility and attract other investors in the Romanian renewable energy sector. In addition, the transition impact is expected to come from improving the standards for business conduct through the Client's application of international best practice in its environmental impact assessment.
The Client
EPGE is the developer of the Chirnogeni wind project. EPGE is a privately owned power development company incorporated in Cyprus, and a member company of the Paraskevaides Group based in Cyprus. EPGE is focusing on developing power projects in Eastern Europe, the Balkans, Middle East, The Gulf Region, and North Africa.
EBRD Finance
The wind farm will be financed through an A/B loan structure of up to € 92 million.
Project Cost
The total project cost is roughly €135 million.
Environmental Impact
The project is considered Category A, requiring an Environmental and Social Impact Assessment (ESIA) in line with the Bank’s 2008 Environmental and Social Policy.
Environmental and social due diligence completed by the Bank included a review of the separate Environmental and Strategic Impact Assessments (ESIAs) for the 80MW wind project and the rehabilitation of 42 kilometres of 110kV transmission line and supporting project information. Due diligence has confirmed that the Project has been structured to meet Romanian Law and Bank Performance Requirements. No significant issues were raised during public consultations following disclosure of the ESIAs under Romanian law.
The transmission ESIA included a cumulative impact assessment that considered this wind project and other nearby wind projects as well as additional monitoring of birds and bats on the project site. The evaluation of potential impacts on birds concluded there would be no adverse impacts on raptors or other large birds. Although the transmission line passes through a designated Natura 2000 the rehabilitation works will not disturb new land or have a significant effect on this protected area.
Following the Bank’s due diligence an updated ESIA package including the two ESIAs, Non-Technical Summary, Stakeholder Engagement Plan, and Environmental and Social Action Plan were disclosed on 26 October 2011 and are available on the project website, in EBRD offices in London and Bucharest, at EPGE office in Bucharest, and in nearby villages.
Should significant issues be raised during the 60-day Bank disclosure period, these will be brought to the attention of the Board.
An Environmental and Social Action Plan has been developed and agreed with the Company to ensure that the Project is structured to meet the 2008 Bank’s Environmental and Social Policy The plan includes substantial monitoring and reporting obligations, including seasonal monitoring for birds and bats during the first few years of operation, as well as extensive stakeholder engagement.
Technical Cooperation
None.
Business opportunities
For business opportunities or procurement, contact the client company.
General enquiries
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
Public Information Policy (PIP)
The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Text of the PIP
Project Complaint Mechanism (PCM)
The EBRD has established the Project Complaint Mechanism (PCM) to provide an opportunity for an independent review of complaints from one or more individuals or from organisations concerning projects financed by the Bank which are alleged to have caused, or likely to cause, harm. The Rules of Procedure governing the PCM can be found at www.ebrd.com/downloads/integrity/pcmrules.pdf, the Russian version can be accessed at http://www.ebrd.com/downloads/integrity/pcmrulesr.pdf
Any complaint under the PCM must be filed no later than 12 months after the last distribution of EBRD funds. You may contact the PCM officer (at pcm@ebrd.com) or the relevant EBRD Resident Office for assistance if you are uncertain as to the period within which a complaint must be filed.
Project Summary Documents are created before consideration by the EBRD Board of Directors. Details of a project may change following disclosure of a Project Summary Document. Project Summary Documents cannot be considered to represent official EBRD policy.
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