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Fulgor RRF



Project number:


Business sector:

Manufacturing and Services

Notice type:


Environmental category:


Approval date:

26 Apr 2023



PSD disclosed:

26 May 2023

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

An up to EUR 88 million senior unsecured loan to Fulgor SA ("Fulgor", or the "Company") in Greece. The proposed investment marks the fourth sub-operation under the Greek RRF Co-Financing Framework. The loan will be structured in two tranches, where up to EUR 62.8 million will be provided by EBRD's own resources and up to EUR 25.2 million will be channelled through the Greek RRF Corporate Loan Facility, ultimately funded by the EU.

Project Objectives

The loan proceeds will finance the Company's investment programme in Greece for the production of submarine cables, as well as associated working capital outlays and R&D initiatives (the "Project"). The total Project cost of EUR 110 million will be funded from the EUR 88 million proposed debt-financing package and EUR 22 million from Fulgor's own funds.

Through increased production capacity, Fulgor will be able to unlock significant opportunities of large interconnection projects and capture the growth in offshore wind installations worldwide. The Project addresses the strategic directions of the EBRD Country Strategy for Greece, which aims at "accelerating shift towards renewable energy in line with National Energy and Climate Plan" and is in line with Greece's Recovery and Resilience Plan by "contributing to green skills and jobs and the green economy", promoting ultimately the decarbonisation of the Greek economy.

Transition Impact

ETI score: 68

The transaction contributes to the Competitive TI Quality, as the targeted capital and R&D investments will lead to operational changes and improvements in the production planning as well as higher level of efficiency. Furthermore, the Project supports the Green Quality, expanding the Company's capacity to manufacture submarine cables used for the interconnection of islands and offshore wind projects, fostering the energy transition towards a LowCarbon Economy.

Client Information


Fulgor is active in the design, production and installation of cables (submarine, fibre, composite and special purpose ones), as well as the industrial production of copper and aluminium wires and rods.

EBRD Finance Summary

EUR 62,825,000.00

Total Project Cost

EUR 110,000,000.00


The EBRD enables the Company's access to competitive RRF financing, while allowing for exposure headroom with domestic financial institutions. Fulgor benefits from EBRD expertise to achieve higher standards, including through the adoption of financial covenants in line with best sound-banking practices and the prevailing standards for the leading creditworthy cable manufacturing companies in Europe, as well as the review of its creditworthiness through an external credit rating, which ultimate strengthens its ability to attract new financing in the future. The Project promotes gender equality for STEM occupations in Greece by supporting female empowerment and equality through the introduction of a number of initiatives in the existing diversity policy of Fulgor's parent company, Hellenic Cables.

Environmental and Social Summary

Category B (2019 Environmental and Social Policy). Environmental and Social Due Diligence (ESDD) concluded that the current Environmental & Social (E&S) management practices of the Company are in compliance with Good Industry Practices and overall environmental and social issues involved with the Project can be readily managed. Projects under EU's Resilience and Recovery Facility (RRF) are required to demonstrate that they Do No Significant Harm (DNSH), which requires application of the InvestEU Sustainability Proofing guidance for the climate and environmental dimensions of the Project. ESDD has confirmed that E&S impacts are low risk and readily mitigated, and therefore no detailed sustainability proofing is required and the Project meets the DNSH requirement for the RRF. The Project has also obtained RRF auditor approval from an independent party providing assurance services on DNSH. The findings of the ESDD also showed that the Project complies with EU and national environmental legislation. The facility is certified according to ISO 9001/14001:2015 and ISO 45001/50001:2018 standards. The Company has responsible employees for Sustainability, Environmental Management, H&S and Supply Chain both at group and at plant levels. The Company has a dedicated Project Management Office consisting of specialised experts playing role in supervision and management of projects, which provides an assurance for standard practices for Contractor Management including E&S aspects. Residual risks identified during the ESDD have been made part of an Environmental Social Action Plan (ESAP) encompassing measures of institutional strengthening as well as mitigation measures to ensure the Project is in full compliance with EBRD Performance Requirements.

The Bank will monitor the Project and the ESAP implementation through review of Annual E&S Reports.

Technical Cooperation and Grant Financing


Company Contact Information

Stavros Stamatiou
(+30) 210 6787 927
(+30) 210 6787 406
33 Amaroussiou Halandriou Str. 151 25, Amaroussion

PSD last updated

26 May 2023

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 EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social 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 additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from 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 activities of the Bank 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 Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. 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 sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. 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 (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 more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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