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€31 million energy deal in the Czech Republic
EBRD, CSOB, CREDIT LYONNAIS BANK PRAHA lend to Dalkia subsidiary
The European Bank for Reconstruction and Development, CSOB (Ceskoslovenska
obchodni banka, a.s.) and CREDIT LYONNAIS BANK PRAHA are providing CZK 1
billion (€31 million) to support PPC Trmice, a power generating company in
nothern Bohemia, Czech Republic. Last year, PPC Trmice was spun off from a
state-owned regional power company and sold to Dalkia International, the
energy-services branch of Vivendi Environment and Electricite de France. The
loan, which is a limited recourse facility to PPC Trmice, will refinance debt
accumulated by the previous owner and free up resources to support a new,
long-term business plan led by Dalkia International. PPC operates a modern 70
MW capacity gas turbine.
Dalkia International has forged a business out of its energy services and
savings operations in central and eastern Europe. The company operates in
seven countries: the Czech Republic, Estonia, Hungary, Lithuania, Poland,
Romania and the Slovak Republic. The EBRD has supported a number of these
investments through a €50 million facility for equity and debt financing,
established by the EBRD and Dalkia International to co-invest in energy
service companies (ESCOs).
Jacquelin Ligot, the EBRD's Director of Energy Efficiency, said Dalkia's
ownership of PPC Trmice will enhance competition in power generation and boost
energy savings, both objectives, which the EBRD keenly supports.
Jean-Pierre Denis, President and CEO of Dalkia, said this cooperation with
EBRD fits into the frame of a larger agreement with his company, which was
recently renewed.
The involvement of CSOB, the largest Czech bank, and CREDIT LYONNAIS BANK
PRAHA, a wholly owned subsidiary of CREDIT LYONNAIS SA, brings crucially
needed investment to a sector that is still severely under-funded. EBRD and
CSOB acted as mandated arrangers and CREDIT LYONNAIS BANK PRAHA as arranger.
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The EBRD aims to foster the transition from centrally planned to market
economies in central and eastern Europe and the Commonwealth of Independent
States. It is owned by 60 countries, the European Investment Bank and the
European Community.
Dalkia is the leading energy services provider in Europe. In eastern Europe,
Dalkia International manages integrated energy systems including power and
heat generation, local district heating networks and optimisation of
industrial client facilities. Dalkia services include district heating and
cooling systems, heat systems management, industrial services (production and
optimisation of energy and industrial fluids an utilities) and facilities
management (management of technical and general support services for
industrial or commercial sites). With operations in 30 countries, Dalkia
reported revenue of €3.2 billion in 2000.
CSOB, the Czech-based banking arm of KBC Belgium, is a leading financial
institution in the country serving more than 3.5 million corporate and retail
customers. Its balance sheet of over CZK 530 billion (€16.5 billion) and 200
branches ranks CSOB as number one in the country. Visit CSOB website at www.csob.cz
CREDIT LYONNAIS BANK PRAHA is a fully owned subsidiary of CREDIT LYONNAIS SA.
As one of the first international banks to develop an operational unit
locally, CL has successfully implemented a strategy of Corporate wholesale
banking with its International group client base, and reference players on the
domestic market.
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