Just transition

Just transition projects financed

The EBRD will support regions affected by the green transition through available financing investment in line with the existing strategic approach in each relevant country. A list of some projects financed and supported as part of the EBRD’s just transition initiative can be found below.

Poland: The EBRD has provided a loan of up to PLN 138.6 million (approx. €30.8 million) to the city of Wałbrzych in Poland, a former coal mining centre which still suffers the legacies of its former coal industry. The project is expected to bring significant energy efficiency improvement in local building stock, aiming to modernise the city and to improve its connectivity with nearby larger cities. As part of the engagement, Wałbrzych will develop a Green Cities Action Plan (GCAP) acknowledging its legacy tied to fossil fuels by incorporating plans for a just transition to a low carbon future that includes everyone. The GCAP, with the assistance of specialised consultants, will bring solutions for the remaining legacies of coal.

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Poland: The EBRD has invested PLN 240 million (approx. €60 million) in a 5-year bond issued by Tauron Polska Energia S.A, the largest electricity distributor in Poland for distribution grid and renewable energy investments. The EBRD’s investment will support the implementation of the company's decarbonisation strategy, which is centred on the closure of significant coal fired generation plants and increasing the use of renewable energy. As part of the company’s decarbonisation strategy and in cooperation with the EBRD, the project will also target mitigating the social costs stemming from the company's ambitious green strategy, including the gradual decommissioning of coal-fired units, and the expansion of generation from renewable energy sources, and the reduction of CO2 emissions.

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Greece: The EBRD has invested in the largest renewable energy project in Greece to date with €75 million for a long-term bond issued by Hellenic Petroleum (“HELPE”). The investment finances the acquisition and construction of 18 solar photovoltaic (PV) plants with total installed capacity of 204MW in Kozani, Western Macedonia, the country’s most coal dependent region. The project supports Greece's decarbonisation plans which envisage the decommissioning of the country's lignite-fired generation plants by 2028. The construction of the solar PV park will bring direct and indirect job opportunities for the local community.

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North Macedonia: In North Macedonia the EBRD supports the public electricity generation utility JSC Elektrani na Severna Makedonija ("ESM") with a senior loan of €25 million for implementing a 30 MW solar PV project consisting of: (i) a 10MW "Oslomej" expansion (currently under construction) on the exhausted coal mine of TPP Oslomej, and (ii) a 20MW "Bitola" expansion adjacent to TPP Bitola. As part of this cooperation with the Government of North Macedonia, the EBRD’s engagement aims to i) identify the social implications of the just transition and challenges for regional development and ii) in cooperation with local educational institutions, define redeployment and reskilling opportunities and develop labour market initiatives aiming to retrain the coal region’s local workforce.

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