Qair green bond



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

07 Dec 2021



PSD disclosed:

28 Feb 2022

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

An investment in the inaugural green bond (EuroPP) issued by Qair International SAS ("Qair", the "Company"). The notes are senior unsecured and bear an annual fixed coupon. Qair is a French renewable energy developer and independent power producer.

Project Objectives

The bond proceeds will be used, according to the Green Bond Framework, to support Qair's corporate financing needs to accelerate the deployment of its wind and solar pipeline projects. Furthermore, Qair has committed to invest in the EBRD's CoOs the amounts equal to at least 200% of the Bank's participation in Qair's green bond, within 36 months from the issuance.

Transition Impact

ETI score: 60

Transition impact stems from two qualities: Competitive and Green.

This operation will support the Company's growing presence in Poland and its entry into new markets (Greece, Romania, etc.), thus will increase the share of private generation and facilitate further competition in those countries' energy markets ('Competitive').

Moreover, an amount equivalent of at least two times the Bank's investment will be directed towards greenfield solar and wind projects in the Bank's CoOs. Associated CO2 emission savings are expected to exceed 180k tons per year. The Project will be 100% GET ('Green').

Client Information


Qair International SAS is a renewable energy company incorporated in France. The Company has a long-standing history and strong expertise across the entire value chain - from early development to financing, construction, and operation of assets. Qair is currently operating a 650 MW portfolio (mostly wind and solar) located mainly in Europe and Brazil, while it plans to grow its portfolio to 1 GW of green assets by the end of 2022 and several GWs in the medium run.

EBRD Finance Summary

EUR 11,900,000.00

Total Project Cost

EUR 71,900,000.00


The Bank's investment facilitated the successful placement by providing comfort to the Company and other investors. Moreover, EBRD's participation helped the client to achieve higher inclusion/gender and environmental standards (above 'business as usual').

Environmental and Social Summary

Categorised B (2019). Medium-High risk rating due to the solar PV supply chain issue related and limited information to fully assess E&S sensitivities of renewable projects pipeline in Poland, Greece and Romania. Given the capital market transactions restrictions, the ESDD was undertaken in-house and included review of the Information Memorandum, Issuer's Green Financing Framework, SPO, replies to the EBRD Supply Chain Questionnaire, as well as assessment of the Company's corporate E&S management systems and review of publically available documents. The second-party opinion (SPO) aligns to the four core components of the Green Bond Principle published by ICMA (June 2021). The SPO is of the opinion that the use of proceeds has a high score and the process and criteria for eligible green project selection is strong. However, the reporting is only satisfactory. In the opinion of SPO, the Company has adequate measures to identify, manage and mitigate environmental and social risks commonly associated with the eligible projects funded by the proceeds.

As part of the ESDD, the Bank reviewed the Company's corporate ESG management with a particular focus on supply chain risks associated with the sourcing of PV panels. The Company has started to review or operations and confirms it will fully adhere to the EU and Banks requirements on supply chain management. The Company has agreed that for investments in solar PV the proceeds of the Bank shall only be used for projects with solar PV suppliers acceptable to the Bank, and for solar projects (if over 5 MW) acceptable to the Bank. Overall, the Company has the institutional capacity to implement the Banks' Performance Requirements (PRs) and undertake supply chain reviews. However, the internal systems will need to be further strengthened and resources allocated to address supply chain reviews in the future. The Company will address supply chain risks via an update of its existing Procurement Policy and development of specific contractor due diligence procedures by the Company.

The ESAP contains requirements to adhere to the EU guidance on due diligence for businesses to address the risk of forced labour in their operations and supply chains (2021) and seek third party audits of the solar panels suppliers when it becomes possible. Additionally, the ESAP requires future projects to be subject of E&S risk assessment in terms of renewable site sensitivities, e.g. protected areas such as Natura 2000 sites, and follow the EU EIA process. The ESAP also requires that any new project undertake location specific ecological and birds and bats surveys are undertaken notably for any new windfarms, to assess resident species risk, migratory and general bird related risks, and ensure adequate mitigation is featured as part of the project designs. The ESAP incorporates requirements for the future reporting and monitoring of the portfolio performance via sustainability and ESG reports made public, and the Company will apply the EU CSRD (including provision of climate risk information) as well as report in accordance to the EU Taxonomy in the future reporting. This will address the satisfactory rating given by S&P on the reporting side and strengthen overall the ESG management of the Company.

The Bank will monitor the implementation of the project and compliance with the ESAP.

Technical Cooperation and Grant Financing


Company Contact Information

Roch Frutos
+33 4 11 95 11 11

PSD last updated

03 May 2022

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.

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Tel: +44 20 7338 7168

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General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social 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 additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from 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 activities of the Bank 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 Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. 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 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 following its entry into force on 1 January 2020. 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 (e.g. 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 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; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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