Hatzopoulos RRF

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

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.

Project ID 53741

Status Repaying

Location

Greece

Business Sector

Manufacturing and Services

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Vasilios Kouskouras
info@hatzopoulos.gr
+30 2310 551 801
+30 2310 540 673
https://hatzopoulos.gr/
21, Stadiou street 57009 Kalohori Thessaloniki, Greece

Project ID 53741

Status Repaying

Location

Greece

Business Sector

Manufacturing and Services

Notice Type

Private

Environmental Category

Approval Date

12 Jul 2022

Disclosure date

07 Jul 2022

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Hatzopoulos RRF (Greek) (PDF, 0.41MB)

Project description

Project objectives

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").

Transition impact

ETI Score:60

ected 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.

Client information

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

EUR 3,750,000.00

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

EUR 12,500,000.00

Additionality

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 & 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

None.

Company Contact Information

Vasilios Kouskouras
info@hatzopoulos.gr
+30 2310 551 801
+30 2310 540 673
https://hatzopoulos.gr/
21, Stadiou street 57009 Kalohori Thessaloniki, Greece

Implementation summary

PSD last updated

11 Jul 2022

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, 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 the 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 more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

Our story

How we invest in changing lives

What we offer for businesses

Search

Hatzopoulos RRF

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

Implementation summary

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)