Giurgiu Solar (Ghimpati and Iepuresti) Romania

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The Project involves the provision of a senior loan of up to EUR 55.0 MM in favour of favour of RTG Solar Energy S.R.L ("Iepuresti Project") and Solis Imperium S.R.L ("Ghimati Project"; together, "Borrowers," "Companies"), limited liability companies incorporated in Romania. The loan will be dedicated for the construction and operation of solar farms with capacity of 315MW in south-eastern Romania (the "Project"). The Project consists of two separate sites and is expected to generate around 400 GWh of electricity a year. The EBRD loan is expected to be approved partially under the EBRD InvestEU Framework for Sustainable Transition (OpID 54197).

Project ID 54253

Status Disbursing

Location

Romania

Business Sector

Energy

Notice Type

Private

Project timeline

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

Company Contact Information

Andreea Gilicel
andreea@nofar-energy.com
Nofar Energy SRL Voluntari City, Ilfov, 1 Pipera Blvd, Romania

Project ID 54253

Status Disbursing

Location

Romania

Business Sector

Energy

Notice Type

Private

Environmental Category

Approval Date

20 Mar 2024

Disclosure date

23 Jan 2024

Project description

Project objectives

The Project will contribute to climate change mitigation and the Romanian green energy transition by adding 315 MW of solar generation capacity to the Romanian national energy system. It will also strengthen the private sector presence in the renewable energy sector in Romania.

Transition impact

ETI Score:70

ect targets the "Green" Transition Impact quality by supporting the construction of two solar projects total installed capacity of 315 MW resulting in associated CO2 savings of 170,000 tonnes annually.

Client information

RTG SOLAR ENERGY SRL

RTG Solar Energy S.R.L and Solis Imperium S.R.L are limited liability companies incorporated in Romania for the purpose of constructing and operating two solar PV power plants with a total installed capacity of 315MW in south-eastern Romania. The Ghimpati and Iepuresti Projects are ultimately owned by OY Nofar Energy Ltd ("Nofar"), an Israeli renewable energy company publicly listed on the Tel Aviv stock exchange.

Additionality

The Bank's additionality stems from providing support to investors and financiers, by mitigating non-financial risks, such as country, regulatory, project, economic cycle, or political risks as well as offering financing in a market that lacks sufficient depth and liquidity to finance large scale renewable energy projects.

Environmental & Social Summary

Categorised B (2019 ESP). The Project consists of the development, construction and operation of a portfolio of solar photovoltaic plants ("SPP") (including a 146 MW, and a 169 MW, solar farm) with total capacity of 315 MW (the "Project") located in south-eastern Romania. The Project will be developed on greenfield area on three sites: 169MW solar farm known as "Iepuresti" and 146 MW solar farm known as "GhimpatI", located in Iepuresti region in Giurgiu county, outside any protected areas.

Key Environmental and Social (E&S) impacts/risks associated with the construction and operation of the PV sites are biodiversity, cumulative and landscape impacts as well as labour and OHS risks during the construction phase, and stakeholder engagement. Environmental and Social Due Diligence ("ESDD") has been undertaken by an independent consultant. The focus of the ESDD was to assess sites sensitivity and suitability and development of appropriate stakeholder engagement disclosure documentation.

The solar park will be developed on arable land, far from local, national or community level protected areas. The ESDD reviewed the local permitting process, and the main finding is that the competent environmental authorities decided that the project has minimum environmental risk and no EIA report was required. All the land needed for the Project development was purchased via direct agreement with sellers and the rightful owners of land plots necessary for this solar park and the substation are currently Sponsor group companies.

The company's operations are in line with the applicable environmental and social national laws and regulations. However, as the Borrowers do not have any Environmental and Social Policy in place, an Environmental and Social Action Plan ("ESAP") has been included.

Based on the ESDD and NTS, a SEP and ESAP has been developed and will be agreed for the Project with the client prior to Board approval.

The Project will undergo a sustainability proofing assessment in line with the requirements for the InvestEU programme, as specified in the technical guidance on sustainability proofing for the InvestEU Fund.

Technical Cooperation and Grant Financing

The project is expected to benefit partially from a first loss guarantee provided by the European Union under the InvestEU Programme, specifically under the EBRD General Debt Product and the Sustainable Infrastructure Window.

Company Contact Information

Andreea Gilicel
andreea@nofar-energy.com
Nofar Energy SRL Voluntari City, Ilfov, 1 Pipera Blvd, Romania

PSD last updated

24 Jan 2024

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.

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Giurgiu Solar (Ghimpati and Iepuresti) Romania

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

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)