RLF - Goldbeck Solar (GS) Equity

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

An investment establishing a renewable energy joint venture, alongside Goldbeck Solar Investment GmbH, for the purpose of acquiring and developing solar PV assets to be constructed and operated in Ukraine.

Project ID 54814

Status Disbursing

Location

Ukraine

Business Sector

Energy

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Olga Kovalchuk
olga.kovalchuk@goldbecksolar.com
+49 6201 7103 464
Goldbeckstrasse 7 69493 Hirschberg

Project ID 54814

Status Disbursing

Location

Ukraine

Business Sector

Energy

Notice Type

Private

Environmental Category

Approval Date

29 May 2024

Disclosure date

18 Dec 2024

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

RLF - Goldbeck Solar (GS) Equity (Ukrainian) (PDF, 0.21MB)

Project Description

Project Objectives

The Project will contribute to climate mitigation by adding up to 500 MWp renewable generation capacity to the Ukrainian national energy system over the next 3 to 5 years.

Transition Impact

ETI score:70

xpected transition impact of the Project stems from "Resilient" and "Inclusive (i) improving resilience of Ukrainian energy sector by means of increasing domestic renewable electricity production, and (ii) broadening access to livelihood and training opportunities in Ukraine, developing the green energy skills required for the upcoming solar plants.

Client Information

GOLDBECK SOLAR INVESTMENT UKRAINE GMBH

Goldbeck Solar Investment Ukraine GmbH (the "Company"), a special purpose vehicle incorporated in Germany.

Goldbeck Solar Investment GmbH (the "Sponsor") is a part of Goldbeck Solar Group which is a Germany-based project developer, investor, EPC and O&M contractor and operator of solar power plants. The Company was founded in 2001 and has since constructed and launched over 3.5 GWp of solar energy, most of which was built for third parties.

EBRD Finance Summary

Additionality

The Bank's participation is key to the overall success of the projects since there is lack of adequate local equity finance, and on the back of a long-standing relationship with the Bank, the Sponsor is willing to invest in Ukraine together with the EBRD as a partner. In addition, The Company will develop an Equal Opportunities Action Plan promoting women's careers in the energy sector.

Environmental and Social Summary

Categorised B (2019 ESP) and High to Medium risk due to equity investment into solar developments. Financing acquisition of "Ready-to-Build" SPVs and other renewables portfolio and construction of solar plants up to 500MWp in various regions of Ukraine are associated with a number of sector-specific E&S impacts, which can be assessed in the course of the Environmental and Social Due Diligence (ESDD) and mitigated via implementation of the Environmental and Social Action Plan (ESAP).

The Sponsor is well known to the Bank through previous projects in Kazakhstan and Poland and has good track record in implementing Bank's PRs. The ESDD for the equity component has been undertaken in-house and included site visit to the Sponsor's HQ in Germany and series of the targeted interviewed with E&S and procurement representatives. ESDD has comprised the assessment of the Sponsor's corporate capacity to assess and manage E&S risks associated with the renewables portfolio in line with Bank's PRs, EU regulations, GIP and other applicable standards. There is an existing E&S management structure in place, which includes Sustainability, Health and Safety, HR functions. The Company is subject to CSRD requirements and is currently undertaking materiality assessment to start ESRS reporting from FY 2025. It has been established that the Sponsor has required capacity and has been implementing corporate E&S management systems.

ESDD for the JV's projects pipeline in Ukraine will be undertaken post-signing by an independent consultant, who has been selected jointly by the Sponsor and the Bank under the agreed ToR. It will include site visits to ascertain E&S sensitivities and site conditions with particular focus on biodiversity and livelihood impacts, assessment of the individual projects' compliance with national and Bank's E&S requirements, permitting, contractor management and overall E&S management and monitoring at JV level. ESDD report will be prepared for each project, including Non-Technical Summary (NTS), Stakeholder engagement Plan (SEP) and Environmental and Social Action Plan (ESAP) for each pipeline project.

The Bank has undertaken extensive Supply Chain Due Diligence on the Client during the previously implemented projects. The client has properly acted upon its commitment to further strengthen it supply chain management system, a commitment which was made in the previous deal. The client has improved its Supplier Code of Conduct which now has to be signed by every supplier working with the Client and it has devised an Anti-Modern Slavery Policy setting forth precise standards with regards to hired and internal labour). The Client is also currently greatly improving its visibility of the Supply Chain of the Module Manufacturers contracted by ways of finalizing its contracting and set up of a database for risk analysis of the supplier base. In line with these improvements, it is believed that Goldbeck has enhanced its Supply Chain Management System to the extent that the Bank is now fully satisfied with it.

The corporate level ESAP has been developed and fully agreed with the Client. It included, inter alia, strengthening of the Environmental and Social Management systems at the corporate level with the policies and procedures to be cascaded down to the regional subsidiaries, implementation of CSRD/ESRS reporting, improvement of the contractor management and monitoring, amendment of the corporate HR policies to include GBVH and grievance provisions, as well as stakeholder engagement.

ESAP will be supplemented based on the ESDD for the JV project pipeline and will include E&S actions relevant for each project, such as biodiversity management and monitoring, livelihood and community safety, climate resilience, construction health and safety management and others. The Bank will monitor the Project through the review of Annual reporting and monitoring site visits by an independent consultant, as required.

Upon completion of the ESDD and agreement of the ESAP, the PSD will be updated and links provided to the Non-Technical Summary (NTS).

Technical Cooperation and Grant Financing

Technical support will be provided under the 'Human Capital Response for Ukraine' TC Programme in line with the Company's human capital and gender equality needs. Funding will be sought under the Action for Equality and Gender (A4EG) multi-donor account.

Company Contact Information

Olga Kovalchuk
olga.kovalchuk@goldbecksolar.com
+49 6201 7103 464
Goldbeckstrasse 7 69493 Hirschberg

PSD Last Updated

18 Dec 2024

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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RLF - Goldbeck Solar (GS) Equity

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Additionality

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)