Translated version of this PSD: Romanian
The EBRD is considering providing a loan of up to EUR 5.3 million to ICCO SOLAR ENERGY SRL SPV (”ICCO” or the “Company”), a subsidiary of ICCO ENERG SRL, a limited liability company focused on the distribution and supply of energy to industrial consumers in Romania.
The loan will be used to finance the construction of a dedicated photovoltaic (“PV”) power plant to supply electricity to SC RAJA SA Constanta (“RAJA”), a regional water utility providing water and wastewater services in Constanta County in Romania under a long term electricity supply contract awarded by RAJA through competitive tender. The investment programme will implement smart grid solutions, allowing for substantial energy efficiency improvements, and will enable the distribution grid to connect new renewable energy producer.
The investment will focus on the energy production from renewable sources expected to substantially improve the operational efficiency of RAJA by cutting energy costs. Such initiative, aimed at reducing operational costs, is expected to provide positive demonstration effect for other water utilities in the country.
The Project will also provide demonstration of the benefits arising from the cooperation between private and public companies, as the regional water supply company will be receiving renewable energy and thus be able to increase its environmental and energy sustainability.
ICCO SOLAR ENERGY SRL SPV a newly established company set up by SC ICCO ENERG SRL, the winning bidder of electricity supply contract selected through the competitive tender held by RAJA.
Up to EUR 5.3 million.
Up to EUR 7.5 million.
The proposed project has been categorised B in accordance with the 2008 EBRD Environmental and Social (E&S) Policy, as the potential impacts are expected to be site specific and readily identifiable and addressed through mitigation measures.
The environmental and social due diligence for the project, which is on-going and includes an independent third party environmental and social audit to assess ICCO’s management capacity and systems to manage environment, health, safety and labour issues in its operations and an analysis of the potential (future) E&S impacts and benefits. It will also assess ICCO’s ability to carry out the Project in compliance with the Bank’s Performance Requirements.
An Environmental and Social Action Plan (ESAP) will be prepared for the project, and a Stakeholder Engagement Plan will be developed that will include a grievance mechanism and information on environmental and social performance and a summary of the agreed Action Plan will be released to stakeholders.
This PSD will be updated when the results of due diligence are known.
Mrs. Raluca Dumitru
500059 Brasov 3 Spicului street
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