Financed ProjectsEDPR Romania PV

Identification Code:

OP/13/0021

Total Operation Cost:

67.411.900

Maturity:

171 months

Operation Status:

Description and Purpose of the Operation:

Provision of a long term debt facilities to six SPVs incorporated under Romanian law, which 100% indirectly owned by EDP Renovaveis SA ("EDPR") for the construction, operation and refinancing of costs incurred in that last 12 months of a 50.4 MW Solar Photo Voltaic (PV) park in southern Romania close to the Serbian and Bulgarian borders, in particular Mehedinti, Dolj and Olt (the Project). The purpose of the Project is the construction and operation of a 50.4 MW PV park in southern Romania. The Project consists of six separate solar plants which will contribute to the expansion of the renewable energy market in Romania and will support the country in achieving its target of sourcing 38% of its electricity consumed from renewable sources by 2020, generates carbon free electricity, uses local labour and mobilizes funding outside Romania.

Countries of Operation:

Romania (100,00 %)

Financial Product:

Loans

Sector:

Utilities

Domain:

Private

Borrower/Client:

Six SPVs owned by EDPR Romania PV, a Romanian holding company, indirectly wholly owned by EDPR.

Co-Financiers/Participants:

Sponsor(s): EUR 37.4m (55.5%), BSTDB: up to EUR 10.0m senior secured debt (14.8%), EBRD: EUR 20.0m senior secured debt (29.7%)

Guarantors/Sponsors:

The Sponsor(s): EDPR is a leading global renewable energy company. EDPR has developed wind farms since 1996 and was first listed publicly in June 2008. EDPR's global presence is managed by two regional platforms which oversee the development, construction and operation of assets in their geographic areas. EDPR Europe, headquartered in Madrid, manages assets located in the European Union, and in other Regions and EDPR North America, headquartered in Houston, manages assets in the United States and Canada. EDPR remains majority owned by EDP - Energias de Portugal, S.A. ("EDP"), a vertically-integrated utility company, headquartered in Lisbon, Portugal. EDP Group is Portugal/s largest industrial group and one of Europe/s primary energy companies.

Developmental and Regional Cooperation Impact:

The Project consists of six separate solar PV plants which will contribute to the expansion of the renewable energy market in Romania and will support the country in achieving its target of sourcing 38% of its electricity consumed from renewable sources by 2020, generates carbon free electricity, uses local labour and mobilizes funding outside Romania.

Environmental Classification and Impact (summary):

Screened as B environmental category due to the limited EHS impacts and risks, which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines and design criteria for PV parks. The Environmental and Social Due Diligence process focused on the following key EHS issues: legal compliance of the PV-Parks with the national EHS legal requirements, corporate Environmental Management System (EMS) of the Borrower, landscape and visual impacts, ecology, ground conditions, archeology and cultural heritage, security and lightning, and drainage, surface water, run-off and flooding. It was concluded that these are not likely to generate significant risks and negative impacts and can be readily mitigated. For this purpose an Environmental and Social Action Plan has been drafted which included the necessary mitigation measures, as well as project-specific requirements that are recommended to be implemented based on the findings of the due diligence.

Operation Leader:

Energy & Infrastructure

E-mail:

ei@bstdb.org