Translated version of this PSD: Serbian
The beneficiary company will be a special purpose vehicle incorporated in Serbia, "Vetro Elektrane Balkana D.o.o.". The project company is currently 60% owned by Abu Dhabi Future Energy Company PJSC (Masdar) and 40% owned by Cibuk Wind Holding (the Sponsors). It is expected that Cibuk Wind Holding sell its remaining participation to other institutions prior to financial close.
EBRD Finance Summary
EBRD to provide a senior loan of up to EUR 60 million with the remaining funding being provided by IFC, other financial institutions and the Sponsors.
Total Project Cost
Total project cost is approximately EUR 300 million.
Environmental and Social Summary
The Project is being co-financed by the IFC among others. An additional review of the Project in 2017 confirmed that the ESIA is fit for purpose of public consultation.
An independent consultant was retained to undertake an Environmental and Social Due Diligence (ESDD) of the Project and develop the ESIA disclosure package. The ESDD confirmed that the Project will have limited impacts on the protected area, and is structured to comply with IFC and EBRD's respective Performance Standards and Requirements, and National and EU environmental legislation. This includes the EU EIA Directive and the EU Habitats Directive as applicable and transposed into Serbian legislation.
The ESIA has assessed possible impacts on the Delibalta Sands, and a Habitats Assessment was undertaken of the Project. This confirmed that the Project will not have a significant effect on the conservation objectives set for the qualifying features of the SNR Deliblato Sands or the Ramsar site Labudovo Okno (located 30 km from the site). This has been confirmed by the independent consultant as well as local Competent Authorities.
The ESDD also confirmed that the Sponsor has been implementing best practice and has the institutional capacity to fully implement the Bank's Performance Requirements. The ESDD identified additional measures to be implemented as part of best practice and these have been included in an agreed Environmental and Social Action Plan (ESAP). These include among others additional monitoring and the appointment of an independent expert to monitor and re-evaluate any bird and bat impacts as well as support the Company in the assessment of additional cumulative impacts.
Based on the monitoring the independent advisor will also advise on the need to revise or update the existing management plan, as appropriate.
(i) a wind energy grid integration study (funded by the Bank's Western Balkans Fund);
(ii) assistance to the authorities on the level of FiT (funded by the Western Balkans Fund);
(iii) drafting of the primary and secondary legislation and regulations governing support for renewable energy (funded by the Bank's Shareholder Special Fund); and
(iv) development of a bankable PPA for Serbia (funded by the Bank's Shareholder Special Fund). The PPA has been developed in close consultation with the Serbian authorities and other stakeholders including EPS, EMS, the regulator, developers and other IFIs (funded by the Bank's Shareholder Special Fund).
Company Contact Information
+381 11 244 1431
+381 11 245 1342
Green Square, 7 Mutapova st 11000, Belgrade, Serbia
For business opportunities or procurement, contact the client company.
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Public Information Policy (PIP)
The PIP 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. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP
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 how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.