The EBRD is considering financing of the first phase of Technopark Pulkovo providing high-quality office space and business development services for knowledge-intensive companies and their service providers (the “Project”). The Project will have a gross buildable area of 24,100 sq. m. and gross leasable area of 22,350 sq.m and will represent the first phase of a six-phase development.
The Project is expected to have a strong transition impact potential in the following key areas:
Demonstration of products and processes which are new to the economy
Technopolis will develop and introduce to the Russian market an entirely new concept of operating a commercially funded science and technology park that supports the growth of knowledge-intensive companies, including promising start-ups. The Project will thus promote competitiveness of St. Petersburg region and introduce a replicable product to the market which will contribute to the Russian economy evolution from a raw-material-intensive to a service and knowledge-based model with a better capacity to absorb innovation.
Transfer and dispersion of skills
The Sponsor has built up a team of highly qualified international executives to manage the Project who will bring know-how of operating technoparks on a commercial basis. These qualified managers will collaborate with and provide invaluable on-the-job training to their local Russian colleagues. In addition, Technopolis is planning to open a training centre in St. Petersburg for future managers of technoparks in Russia, thereby ensuring long-term sustainability of the knowledge transfer.
Improvement in sector’s business conduct and standards
The Project will introduce improved energy-efficiency standards to the Russian commercial real estate sector. The Project follows strict energy efficiency standards of the Finnish construction and engineering contractors who are among EU leaders in the energy efficiency of buildings. As a result, the Project has a very strong energy efficiency component and energy performance exceeding Russian national standard requirements by 42%. The sustainable energy investment components financed by the Bank account for EUR 998,525 (or 5% of EBRD financing).
Technopolis St. Petersburg LLC, a special purpose vehicle incorporated in Russia (the “Borrower”). The Borrower is wholly-owned by Technopolis Plc. (the “Sponsor”), a public limited liability company registered in Finland and listed on the Helsinki Stock Exchange, specialised in providing business environments for knowledge-intensive companies and one of the largest science and technology park operators in Europe.
A senior loan of EUR 31.6 million (the “Loan”) to the Borrower comprising an A Loan of EUR 21.6 million for the EBRD’s own account and a B Loan of EUR 10.0 million to be syndicated to commercial banks.
UR 63.2 million.
1. Screening categories and rationale for classification
Screened B (2008). The construction and operation of a new office building may be associated with some environmental and health issues, which can be readily identified, assessed and mitigated.
2. Environmental and Social Due Diligence
The project is at an advanced stage of construction. Outcomes of the environmental and social due diligence to date are the following: the project has gone through St. Petersburg's city planning process and Moskovskoye district's public consultation process; the construction has being carried out with adequate permits; waste water from the project will be discharged into the sewerage network and treated at the municipal waste water treatment plant; and the project has adopted substantial sustainable energy components ensuring high energy efficiency performance. The due diligence, however, identified specific issues such as construction worker health and safety management and potential impact on the neighbouring community. While further clarification of these issues is being currently carried out, an Environmental and Social Action Plan (ESAP) has been developed including the company's measures to address construction worker health and safety and grievance mechanisms for the construction workers and neighbouring community.
3. Implementation requirements
The sponsor is required to ensure that the project will comply with EBRD Performance Requirements and agree and implement an ESAP, as well as annually report to the Bank on environmental and social matters. The Bank will monitor the project’s environmental and social performance by reviewing the annual environmental and social report and site visits where necessary and appropriate.
Address: 30/4 Pulkovskoye shosse, 196158, Saint-Petersburg, Russia
Tel.: (812) 448-32-61
Fax: (812) 448-32-62
For business opportunities or procurement, contact the client company.
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