A multi-project facility of up to US$ 25 million in favour of Honeywell Inc. to establish, acquire or expand and operate energy service companies (ESCOs) in the EBRD's countries of operations.
The main project objective is to support the development of Honeywell's ESCO investment programme, which will enable clients in the public and private sectors to use ESCOs to realise energy savings which they may have difficulty financing from their own resources.
The project is expected to: (i) develop the energy service sector in the EBRD's countries of operations; (ii) increase the availability of resources to public and private sector entities which are unable to raise significant debt themselves; and (iii) reduce the energy requirements for the countries in which investments are made.
Honeywell Inc. is a multinational company which manufactures and markets building control systems, industrial process control systems and space and aviation systems. Honeywell is the global market leader on energy control systems for buildings and industrial processes. In 1995 it posted a net income of ECU 267 million on sales of ECU 5,385 million. Forty per cent of Honeywell's sales are within energy control systems.
Four-year multi-project financing in the form of an equity facility of up to US$ 25 million for investments in Energy Service Companies (ESCOs).
Honeywell's investment programme indicates a total investment requirement of US$ 150 million (ECU 120 million equivalent).
C/0: The project does not require an environmental analysis or an environmental audit. Honeywell is required to conduct environmental due diligence on all ESCOs financed through this facility in a manner satisfactory to the Bank. An annual environmental report will be submitted to the EBRD on the investee companies encompassed by the facility.
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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.