Translated version of this PSD: Slovenian
The provision of a senior loan to Javna Razsvetljava d.d. (the Company or Javna), a street lighting and energy services company (ESCO) engaged in the design, financing, installation, operation and maintenance of street, traffic, architectural, stadium, and tunnel lighting systems for Slovenian and Croatian municipalities. The Company is wholly owned by Enlux d.d., a Slovenian limited liability company.
The proceeds of the loan will be used to refinance short-term loans incurred in order to finance street lighting Energy Performance Contracts (EnPCs) with nine municipalities in Slovenia, as well as to finance new contracts the Company may enter into.
Restructuring of the balance sheet of the Company by aligning the tenor of debt to the payback period of energy efficiency investments. This will enable the Company to undertake new projects and expand the market for street lighting with municipalities through new EnPCs.
This transaction is linked to the Framework for Street Lighting in Central and South East Europe (CSEE). The Framework targets three main areas of transition impact: (i) it aims to promote the ESCO markets, which will (ii) demonstrate new forms of private contracting and financing of green investments in the region. The Framework is further expected to promote energy efficiency and hence (iii) demonstrate new green solutions based on modern LED technology and modern street lighting management solutions.
This sub-project under the Framework will promote the financing of public service provision of lighting through an ESCO. This type of structure is new in CSEE and once proven as a financing model, is expected to have a positive demonstration effect for the rest of the region's cities. This transaction will also support private sector ESCO markets in the region. The development of the ESCO market has been held back by limited access to financing; the provision of long-term financing will support the expansion of ESCOs in the region. Finally, the Project will promote environmentally sustainable development, as installed LED based street lighting systems give rise to significant energy savings and sizable CO2 reduction potential.
JAVNA RAZSVETLJAVA D.D.
Javna Razsvetljava d.d. is a Slovenian limited liability company providing street lighting and energy services in Slovenia and Croatia.
EBRD Finance Summary
A long-term senior loan of up to EUR 5.5 million.
Total Project Cost
Environmental and Social Summary
The project is categorised B in accordance with the Bank's 2014 Environmental and Social Policy (ESP). Independent environmental and social due diligence (ESDD) performed as part of the Feasibility Study for the Project found that the Project is associated with limited future adverse impacts, which will be addressed through appropriate mitigation measures.
The implementation of the Project will result in better service, improved environmental standards due to significantly reduced energy consumption and reduced operating and maintenance costs, plus improvements to public safety and security through better street lighting. The Company's practices are compliant with Slovenian E&S legislation and largely compliant with EBRD’s ESP 2014. Javna has a comprehensive Health and Safety management action plan, implemented by also sub-contractors but has no formalised environmental policy or procedures.
An ESAP has been developed and will be agreed with the Company before signing. It includes requirements for the development and implementation of an environmental and social management system (ESMS), assignment of a suitably qualified manager to oversee the development and implementation of the ESMS, development of a procedure for the consideration of potential environmental and social risks associated with contractor management, and improvements to waste management.
There is a Non-Technical Summary for this project.
Financial, environmental and legal due diligence supported by the Framework for Municipal Services for Project Preparation in the EBRD Advanced Transition Countries, financed by the Government of the Slovak Republic.
Company Contact Information
+386 1 58 63 639
+386 1 54 29 400
Litijska cesta 263 1261 Ljuljana-Dobrunje Slovenia
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Tel: +44 20 7338 7168
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