The proposed project aims to achieve the successful development of a new float glass manufacturing plant and a glass coating line in the city of Ryazan, 200km from Moscow.
The project is aimed at addressing the growing opportunities in the construction market in Russia and will mainly focus on production of various high quality glass products for the construction industry.
The proposed investment will have a positive impact in terms of promoting world class technological and corporate governance standards, increase competition as well as providing potential foreign investors with a model for developing similar projects.
Guardian Steklo Ryazan LLC a wholly owned Russian subsidiary of Guardian Europe S.à.r.l. (part of the Guardian Industries Corp.) one of the world leaders in float and fabricated glass manufacturing.
EBRD long-term senior loan for RUB 4.3 billion.
Total project cost is RUB 6.2 billion.
Screening category and justification
Screened B/1. The Project involves the construction of a new float glass plant in Ryazan, located roughly 200km south east of Moscow. An Environmental Audit of the proposed site was required due to the proximity to an existing refinery and an Environmental Analysis of the proposed plant was undertaken to ascertain future compliance with Russian and EU environmental standards.
Due diligence undertaken and outcomes
An environmental due diligence was undertaken of the Project by the Bank, inclusive of site visit to the site and meetings with the Sponsor’s corporate environmental and technical team to discuss the planned Project and planned technology to be employed. The due diligence included a review of the existing OVOS and technical documentation and benchmarking in terms of EU IPPC requirements (notably the IPPC BREF Note for the Glass Sector) and the draft IFC EHS Guidelines for the Glass Sector.
The due diligence concluded that the plant is not located in a sensitive location and environmental and social impacts are not significant. Nevertheless, the environmental due diligence has identified a number of environmental issues that required the development of an Environmental Action Plan (EAP). The EAP requires the Sponsor to structure the design, construction and operation of the plant in line with EU environmental standards and includes among others, a commitment to install continuous monitoring, dust and NOx abatement as well as the implementation of an Environmental Management System (EMS).
The Company will be required to provide the Bank with an annual environmental report, including updates on the EAP, and notification on any material accidents or incidents.
The Company will implement the EAP and an EMS inclusive of continuous monitoring systems.
The Company will conduct its business with due regard to National and EU environmental regulations and standards.
The Company will arrange for periodic environmental audits and monitoring visits by Bank staff or appointed representatives, if and when deemed necessary.
Guardian Europe S.à.r.l.
Tel: + 352 52 111 208
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