Provision of an up to EUR 10 million loan to A. Hatzopoulos SA ("Hatzopoulos" or the "Company") in Greece. The proposed transaction is presented as the second sub-operation under EBRD's Greek Recovery and Resilience Facility Co-Financing Framework. The loan will be structured in two tranches, where up to EUR 3.75 million will be provided by EBRD's own funds and up to EUR 6.25 million will be channelled through the Greek RRF Corporate Loan Facility. The Project addresses the strategic directions of the Country Strategy for Greece, where special focus is put on "Strengthening the capacity of corporates and SMEs to add value" and is in line with Greece's Recovery and Resilience Plan ("RRP or "Greece 2.0") in supporting extroverted enterprises and their green transition.
The project will finance the investment program of Hatzopoulos with respect to energy efficiency capex and R&D expenditures, enabling the Company's transition to more recyclable and sustainable products through the acquisition of new machinery and an R&D programme focused on circular economy (the "Project").
ETI score: 60
The expected transition impact stems from the Project's contribution to the Green TI quality:
The Project will support the replacement of old equipment with state-of the-art machinery which will result in reduction of energy consumption and will allow to process new recyclable film structures in line with circular economy objectives. The Project will also finance the Company's R&D investments in designing fully recyclable packaging solutions.
ATHANASIOS HATZOPOULOS PACKAGING MATERIALS INDUSTRY SA
A. Hatzopoulos S.A. specialises in the manufacturing of flexible packaging materials for the food and beverages, home and personal care, cosmetics and pharmaceuticals industries. The Company is located in Thessaloniki, operating two manufacturing plants and exporting over 75% of its production to over 30 countries.
The Company is owned by Hatzopoulos family.
EBRD Finance Summary
An up to EUR 10 million senior unsecured loan to Hatzopoulos S.A. The loan will be structured in two tranches, where up to EUR 3.75 million will correspond to the EBRD tranche and the remainder to the RRF tranche.
Total Project Cost
EBRD offers an innovative financing structure not readily available from other banks. Hatzopoulos benefits from EBRD expertise to achieve higher standards, including through a commitment to undertake an external review of its creditworthiness by an independent credit rating agency, which ultimate strengthens Hatzopoulos ability to attract financing in the future.
Environmental and Social Summary
Categorised B (2019 ESP) and low-medium risk. Key E&S risks and impacts associated with energy efficiency capex (replacement of machineries and installation of system in existing plants) and R&D activities on green packaging, include occupational health and safety, air emissions, energy efficiency, and circular economy.
Hatzopoulos is an existing client of the Bank and the E&S monitoring on the initial transaction shows satisfactory implementation of the Environmental and Social Action Plan (ESAP). Environmental and Social (E&S) due diligence will be undertaken by ESD and will include a review of the project's environmental questionnaire and latest Annual Environmental and Social Report (AESR), as well as preparation of the Sustainability Proofing Summary for submission to the RRF Certified Independent Auditor. The project is deemed not significantly exposed to physical climate risks and is considered Paris aligned for adaptation. The project is also Paris aligned for mitigation, as it supports the client's recyclability goals.
Technical Cooperation and Grant Financing
Company Contact Information
+30 2310 551 801
+30 2310 540 673
21, Stadiou street 57009 Kalohori Thessaloniki, Greece
PSD last updated
11 Jul 2022
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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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).
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