The EBRD considers providing a RUB 680 million (EUR 14 million) senior secured loan (the Loan) to CJSC Belaya Dacha Engineering (BDE or the Company) to support the Companys investment programme aimed at reconstruction, upgrade and expansion of the existing water supply, sewerage, district heating generation and transmission and electricity transmission assets of the Company used to provide utility services to commercial and residential clients in the town of Kotelniki, Moscow Oblast.
Transition impact is expected to be achieved as follows:
- Supporting of a privately owned company in the sector that is currently dominated by public companies;
- Demonstration of replicable activities: this will be achieved through improved operational performance, reduced network losses, and environmental compliance;
- Successful restructuring: the Company has emerged as a dedicated utility operator via divestment of corresponding assets and operations from its parent company. The project would help the Company establish a strong footing and gradually become less dependent on its ultimate parent.
BDE is a growing water supply, sewerage, district heating generation and transmission and electricity transmission utility incorporated in the Russian Federation and operating in the town of Kotelniki, Moscow Oblast. The Company is wholly owned by OJSC Belaya Dacha (Belaya Dacha or the Sponsor). OJSC Belaya Dacha is a well-known Russian property developer and is known to the Bank since 2005.
Senior corporate loan to the Company of up to RUB 680 million (EUR 14 million), guaranteed by the Sponsor.
RUB 1,300 million.
Categorised B. The project was subject to independent environmental and social due diligence conducted by third-party experts. Due diligence included assessment of existing environmental and social situation, the potential impacts and benefits of the investment programme, and included the development of recommendations and measures to reduce the potential negative impact on the natural and social environment, health and safety. Key impacts from the implementation of the investment programme include possible contamination of soil and ground water at the stage of reconstruction and construction, increased generation of waste, noise and dust during demolition activities, pollution emissions from boiler house operation, increased abstraction of artesian water to serve the growing demand, and larger volumes of waste water due to extension of sewerage network. The above impacts will be moderate to minor in scale, however, and they can be reduced through appropriate management. To address these impacts, and to ensure compliance with the Banks PRs, an Environmental and Social Action Plan (ESAP) and a Stakeholder Engagement Plan (SEP) have been developed and these have been agreed with BDE. Key amongst the proposed mitigation measures will be the development of management procedures for reconstruction and operation activities including effective monitoring and reporting measures. BDE will be required to provide annual environmental and social reports to the Bank on the implementation of the ESAP and SEP.
Denis Gradusov, General Director
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