The project aims to support the development of Bonduelle SCA (the sponsor) in Russia through the construction of a greenfield vegetable canning plant in the Krasnodar region. The Bank will participate through the provision of 35% of the equity financing.
The transition impact will stem mainly from the full integration of the project with the upstream vegetable-growing sector in the Krasnodar region, historically a large vegetable growing area characterised by a lack of investment. Under the project, the Company will purchase its entire vegetable needs locally, either self produced or grown under contracts with regional farms.
The transition impact potential also derives from high quality standards introduced by the Company for locally produced canned vegetables as well as new varieties or mixes of products introduced to the Russian market.
OOO Bonagri (the Company) is a limited liability company organised in Russia and controlled by the sponsor, Bonduelle SCA. The Company will own the greenfield plant built under the project. The sponsor is the leading European processor of canned vegetables.
Up to €15 million equity financing.
Up to €55 million.
The project was screened B/0, requiring an environmental analysis of the impacts associated with the construction of the new canning plant. In order to obtain the construction license of the plant, the Company provided the environmental authorities with a full description of the Project and a review of the project by independent experts to ensure that the project would meet national environment, health and safety standards. License to operate the plant will be granted, among other things, upon confirmation by the environmental authorities that the plant is built to national environment, health and safety standards. As per the terms of reference agreed with the contractor, the plant will also be built to relevant EU environment, health and safety standards. The Bank is in the process of finalising its environmental due diligence on the Project.
Mr Gregory Sanson
Financial Controller, Eastern and Central Europe
Tel: +33 3 20 43 60 60; Fax: +33 3 20 43 60 00
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