SLOVSEFF III - Slovenska Sporitelna

Location:

Slovak Republic

Project number:

46165

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Target board date:

26 Feb 2014

Status:

Repaying

PSD disclosed:

24 Jan 2014

Translated version of this PSD: Slovak

Project Description

The EBRD provided €20 million credit line to Slovenská sporitelna, a.s. (SLSP) under the extension of Slovak Sustainable Energy Finance Facility. The €20 million project was Board approved on 26 February 2014.

The EBRD is now considering extending the existing €20 million SLSP credit line under SlovSEFF III by providing new funds for an amount of €15 million, bringing the total SLSP exposure under SlovSEFF III to €35 million. The €15 million project will be considered by the Board on 8 June 2016.

Project Objectives

This operation will enable SLSP to continue providing sub-loans to companies and residential sector borrowers (housing associations) for energy efficiency and renewable energy investments in the Slovak Republic and provide financing for sustainable energy projects with a focus on reducing
greenhouse gas emissions and assist in mitigating high energy and carbon intensity in the region.

Transition Impact

The project is expected to have two sources of transition impact:

Financing: The project will generate transition impact by demonstrating the benefits of energy conservation and promoting the expansion of energy efficiency and renewable energy lending in the Slovak Republic. The project will demonstrate the positive effects of rational energy utilisation and
reduction of greenhouse gas (GHG) emissions. Incentives to end-borrowers (not including housing associations) will be calculated based on a project's annual GHG emission reduction potential.

Skills transfer: The project is also expected to transfer and build expertise, within SLSP and subborrowers, related to sustainable energy investments. SLSP will build capacity in identifying sustainable energy opportunities as well as assessing the risk and credit-worthiness of clients for energy efficiency and renewable energy loans. Sub-borrowers are expected to become more familiar with banks' requirements for providing such loans.

Client Information

SLOVENSKA SPORITELNA

Slovenská sporitelna, a.s. (SLSP), is the largest universal bank in the Slovak Republic with around 21% market share by total assets. SLSP is servicing all segments of the market through an extensive sales network with some 300 branches countrywide and over 4,200 employees. It is 100% owned by Erste
Group.

EBRD Finance Summary

EUR 35,000,000.00

€15 million extension (to the existing €20 million facility) in a form of a senior debt.

Total Project Cost

EUR 35,000,000.00

This €15 million facility will bring the total amount provided to VUB under SlovSEFF III to €35 million.

Environmental and Social Summary

Categorised FI: SLSP will be required to comply with the requirements of PR2 and PR9 and Subborrowers financed through the facility will be required to comply with national requirements for environment, health and safety and labour standards and the EBRD eligibility criteria for Energy Efficiency projects. This will be confirmed by the Project Consultant hired by the EBRD to cover this issue. SLSP will be required to continue to submit Annual Environmental and Social Reports to the Bank.

Technical Cooperation

Technical cooperation will be funded by Spain. Consultants have been contracted by EBRD to provide beneficiaries with project design and implementation support as well as to verify the completion of sub-projects against set criteria and advise their eligibility for incentive payments.

Company Contact Information

Ing Maros Opalek

opalek.maros@slsp.sk
+421 2 4862 6429
+421 2 4862 7041
www.slsp.sk
Tomasikova 48 832 37 Bratislava Slovak Republic

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

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Text of the PIP

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.