Voltalia rights offering

Location:

Regional

Project number:

50529

Business sector:

Energy

Notice type:

Private

Environmental category:

B

Approval date:

21 Jun 2019

Status:

Disbursing

PSD disclosed:

29 Jul 2019

Project Description

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.

Project Objectives

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.

Transition Impact

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).

Client Information

VOLTALIA SA

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

EUR 24,999,996.00

Total Project Cost

EUR 429,999,996.00

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%.

Technical Cooperation

None.

Company Contact Information

Mark Reinhard
M.REINHARD@voltalia.com
www.voltalia.com

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

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Text of the PIP

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