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.
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.
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').
QAIR INTERNATIONAL SAS
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
Total Project Cost
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
+33 4 11 95 11 11
PSD last updated
03 May 2022
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