ENNA - Mihailesti Solar & BESS

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

A senior loan to PVP Cepheus S.R.L. (the "Borrower"), a wholly owned subsidiary of ENNA Solar and ultimately owned by ENNA Group (the "Sponsor"), to finance the development of an 87.5 MW photovoltaic plant and a 70 MW / 140 MWh battery energy storage system in Mihailesti, Giurgiu County, Romania.

Project ID 56829

Status In Exploratory, Pending Final Review

Location

Romania

Industry 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

Ana Zobec, Head of Finance
+385 99 2372413
https://www.enna.hr/hr/
Strojarska cesta 20/21, 10000 Zagreb, Croatia

Project ID 56829

Status In Exploratory, Pending Final Review

Location

Romania

Industry Sector

Energy

Notice Type

Private

Environmental Category

Approval Date

04 Nov 2026

Disclosure date

30 Sep 2026

Project Description

Project Objectives

The Project will support climate change mitigation and Romania's green energy transition by adding 87.5 MW of solar generation capacity and 70MW/140MWh flexible battery storage to the national energy system. The storage capacity will improve system resilience by reducing renewable energy curtailment and supporting balancing and ancillary services. The Project will also expand private-sector participation in Romania's renewable energy market, facilitate future investment and advance the country's decarbonisation goals through greater integration of renewable energy.

Transition Impact

ETI score: 60

ETI 60

Green i The Project targets the "Green" Transition Impact I quality by supporting the construction of a solar project with a total installed capacity of 87.5 MWp and 70MW/140MWh BESS storage capacity, resulting in associated CO2 savings of 47 thousand tonnes annually and 115 GWh of generated renewable energy.

Client Information

PVP CEPHEUS SRL

PVP Cepheus S.R.L is a special purpose vehicle incorporated in Romania, fully owned by Croatia-registered ENNA Solar d.o.o. and established for the purpose of the project.

EBRD Finance Summary

N/A

Total Project Cost

N/A

Additionality

The Bank's additionality stems from its ability to structure complex, limited recourse project financing for partially merchant PV and battery energy storage systems in Romania, enabling investment in a market where financing for partially merchant-based hybrid projects is under development. The Bank also supports a Croatian client expanding in Romania, EBRD's sector expertise, local presence, and strong track record provide important risk mitigation and help strengthen investor confidence. Moreover, EBRD's additionality is reinforced by its support for higher environmental standards and sustainability proofing under InvestEU programme.

Environmental and Social Summary

Category B (ESP 2024). Environmental and social risks associated with the development, construction and operation of a 68.115iMW solar photovoltaic power plant and a co located 70iMW / 140iMWh Battery Energy Storage System (BESS) together with associated infrastructure, were assessed through ESDD. The competent authority confirmed through screening that the Project is not subject to an Environmental Impact Assessment (EIA). The ESDD concluded that identified risks are site specific and can be effectively managed through implementation of the agreed Environmental and Social Action Plan (ESAP).

The Project is being developed by ENNA Solar, part of ENNA Group (the "Sponsor"), through PVP Cepheus Ltd. (the "Borrower"), a new client of the Bank. The Borrower retains overall responsibility for environmental and social performance, while implementation is undertaken through an EPC contract with ENEVO Group under the Sponsor's oversight. ESDD confirmed compliance with national EHS legislation and that the Project is structured to meet the Bank's Environmental and Social Requirements through implementation of management systems, ESAP measures and ongoing monitoring. ENNA manages supply chain risks through a corporate ESG framework supported by procurement procedures and contractual controls. Procurement is implemented primarily through ENEVO, operating under ISOi9001, ISOi14001 and ISOi45001 certified systems, while the Borrower retains overall responsibility for supply chain governance and compliance monitoring.

The Project is located on intensively cultivated agricultural land of low ecological sensitivity. No Priority Biodiversity Features, Critical Habitat or significant cultural heritage constraints were identified. Land has been secured through leases and easements, with no physical or economic displacement identified. Construction impacts, including dust, noise, traffic disturbance and occupational health and safety risks, are expected to be temporary and will be managed through project-specific management plans. Operational impacts are expected to be minimal, and a Chance Finds Procedure will be implemented during construction.

A Stakeholder Engagement Plan (SEP) and Non Technical Summary (NTS) have been prepared and disclosed. An ESAP has been agreed and includes establishment of a project-level Environmental and Social Monitoring Framework, implementation of construction and operational management plans, strengthening of labour and contractor management procedures, biodiversity and cultural heritage controls, enhanced supply chain due diligence, monitoring and reporting arrangements, and mandatory worker training on the Code of Ethics, including gender-based violence and harassment (GBVH). The Project has also undergone sustainability proofing under the InvestEU programme. The Bank will monitor implementation through regular environmental and social reporting and supervision visits, as required.

Technical Cooperation and Grant Financing

The project is expected to benefit partially from a first loss guarantee provided by the European Union under the InvestEU Programme.

Company Contact Information

Ana Zobec, Head of Finance
+385 99 2372413
https://www.enna.hr/hr/
Strojarska cesta 20/21, 10000 Zagreb, Croatia

PSD Last Updated

30 Sep 2026

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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ENNA - Mihailesti Solar & BESS

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

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)