Terna Energy Rachoula Wind Farms

Location:

Greece

Project number:

49517

Business sector:

Energy

Notice type:

Private

Environmental category:

B

Target board date:

07 Aug 2018

Status:

Disbursing

PSD disclosed:

02 Oct 2018

Translated version of this PSD: Greek

Project Description

Provision of up to EUR 18 million long-term senior debt financingfor the construction, financing, refinancing and operation of a 44 MW wind farm portfolio owned and controlled by Terna Energy in Greece. The portfolio comprises two operational wind farms with 38MW capacity and one wind farm for construction with 6MW capacity.

Project Objectives

The additional capacity will increase the renewable share in electricity generation. The refinancing of operating wind farms provides the company with funds to develop additional renewable energy
capacity.

Transition Impact

The project is financed under the Bank's Greek Renewable Energy Framework (GREF) and will contribute to Greece meeting its renewable energy targets and carbon savings.

Client Information

AIOLIKI RACHOULAS DERVENOCHORION SA

Terna Energy S.A. is currently the largest renewable energy company in Greece in terms of installed wind capacity. Its main business is developing, building and operating RE power plants in Greece and abroad.

EBRD Finance Summary

EUR 18,000,000.00

Total Project Cost

EUR 58,600,000.00

Environmental and Social Summary

Category B (ESP) 2014. Environmental and social risk and impacts associated with the operation of three adjoining wind farms in the Dervenochoria area of Central Greece that have already been developed can readily be mitigated through the implementation of the management and mitigation measures included in the Environmental and Social Action Plan (ESAP). The 44 MW wind project consists of 3 closely located sub projects (Rachoula I, II & III of 30 MW, 8 MW and 6MW respectively), referred to as the Rachoula wind farm (the Project). The Project has been permitted in line with local requirements.

The Bank, has provided financing to Terna Energy and GEK Terna in the past and the Company has been developing the Project in line with requirements of an existing corporate Environmental and Social Action Plan (ESAP). As part of current financing, an independent consultant was retained to undertake additional Environmental and Social Due Diligence (ESDD) of the Rachoula wind Project.

The ESDD has confirmed that the company is satisfactorily implementing the existing ESAP and has the capacity to implement the Bank's Performance Requirements (PRs) and that the wind Projects are structured to comply with the Bank's PRs. The ESDD also included a review of the sponsor's capacity to construct and operate the projects in accordance with the Bank's PRs, particularly with regard to having sufficient environmental and social capacity in place to satisfactorily perform the proposed measures for contractor management and project implementation.

A number of wind farms are located in the area and the ESDD included a top-level cumulative assessment, which did not identify materials risks and confirmed the Project has been constructed in line with local development plans. The ESDD also confirmed that the Project is not located in a sensitive area in terms of human receptors, birds or bats and is not located near to any Natura 200 areas. The development of the wind projects will also not be associated with the resettlement.

The ESDD identified the need for further monitoring and development of turbine management plans to reduce risk of bird collisions. The need for post construction monitoring has been included in the Project specific Environmental and Social Action Plan (ESAP) and based on the findings of this the Company will further optimize it management plans and any active turbine management systems.

Non-Technical Summaries (NTS) have been developed for the wind farm and will also be made available on the Company web site.

Based on the ESDD a project-specific ESAP has been developed addressing issues identified at each site and builds on the existing corporate ESAP. 

The Bank will monitor the development of the Project.

Technical Cooperation

None.

Company Contact Information

Telis Spiliotis
info@terna-energy.com
+30 210 6968300
+30 210 6968096
www.terna-energy.com
TERNA ENERGY S.A. 85, Mesogeion Ave. 11526 Athens, Greece

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