SLOVENSKE ELEKTRARNE - SECTOR RESTRUCTURING LOAN

Location:

Slovak Republic

Project number:

14644

Business sector:

Power and energy

Notice type:

Public

Environmental category:

C

Target board date:

06 Nov 2001

Status:

Completed

PSD disclosed:

02 Aug 2001

Project Description

A guarantee from the EBRD to support the restructuring of Slovenské Elektrárne, a.s., the state-owned power generation and transmission company in the Slovak Republic.
The loan would consolidate the financial position of SE further to the restructuring of the national power utility into generation and transmission companies and would support sector financing without sovereign guarantees.
 

Transition Impact

To support (i) SE further to the restructuring of the national power utility into transmission and generation companies; (ii) compliance with the EU Directive on electricity; (iii) development of commercial operations in the sector; and (iv) privatisation of selected generation companies.

The Client

Slovenské Elektrárne, a.s. (SE) is the national power generation utility in Slovakia, established further to the restructuring of the national power utility into Transmission and Generation Companies. SE accounts for over 80 per cent of power generation in the country. The Government of Slovakia continues consolidating SE's financial position, following the national power utilities' functional restructuring in 2001 as part of the strategy of the government to establish a competitive electricity market along the lines of the EU Directive and preparation of the generation company to partial privatisation.

EBRD Finance

A seven year guarantee of up to US$ 75 million (€83.6 million) and in parallel with a five year commercial bank loan of US$ 90 million (€104 million) to SE, secured by receivables of one of SE's customers. The EBRD will provide a guarantee to a Slovak commercial bank which will on-lend in local currency to SE.

Project Cost

US$165 million (€190 million)

Environmental Impact

The project was screened C/1, requiring a corporate environmental audit to be carried out by the Bank.

Technical Cooperation

None.
 

Business opportunities

For business opportunities or procurement, contact the client company.

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Email: procurement@ebrd.com

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