An equity investment of EUR 25m to acquire a minority stake of 2.8% in the renewable energy developer Voltalia SA. The investment is part of a larger capital increase of EUR 376m to finance the investment programme of the company for the period 2020-2023. A significant portion of that growth is expected to come from the Bank's countries of operations, in particular the southern and eastern Mediterranean and South Eastern Europe regions.
Support the development of renewable energy in the Bank's regions. The company has given certain undertakings targeting the investment of at least EUR 50m of equity in the Bank's countries of operations.
The investment's transition impact arises from (i) supporting the market entrance of a new private renewable energy player into the Bank's region, where private sector participation is limited (Competitive quality) and (ii) delivering climate mitigation benefits through the expansion of renewable energy generation capacity in EBRD countries of operations (Green quality).
Voltalia is a major developer, owner and operator of renewable energy assets, with the plan to grow its asset base from the operating 524 MW as of year-end 2018 to more than 1 GW by 2020 and 2.6GW by 2023 of assets in operation and under construction.
EBRD Finance Summary
Total Project Cost
Environmental and Social Summary
The project has been Categorised B in accordance with the EBRD's 2014 Environmental and Social Policy. The risks and impacts associated with the proposed transaction have been identified and mitigated by way of independent E&S Due Diligence (ESDD) and preparation of an Environmental and Social Action Plan (ESAP). Any future projects that have the potential to trigger Category A requirements would be treated at such during project development / acquisition cycle by the Company in consultation with the EBRD.
The Bank will monitor implementation of the ESAP through review of annual Environmental and Social Reports (AESR) and communications with the Company and site visits as necessary. The project is consistent with the GET approach, and the GET share is 100%.
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Text of the PIP
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 how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.