π Tender Overview
Location:
Croatia
Project number:
53687
Business sector:
Energy
Notice type:
Private
Environmental category:
B
Approval date:
22 Nov 2024
Status:
Approved
English-language PSD published:
17 Dec 2024
Project Description
A direct equity investment of up to β¬16.8 million in favour of IE-Energy Projekt d.d. (the "Company"), a joint stock company to be established for the greenfield development of an up to 60 MW battery energy storage system ("BESS") and Virtual Power Plant ("VPP") in Ε ibenik, Croatia.
EBRD's investment is approved under the EBRD Direct Finance Framework non SME. The Project also envisages an β¬16.5m capex grant from the EU Modernisation Fund as well as an equivalent investment from a financial co-investor.
Following the capital injection, the founding shareholder IND-EKO PLUS d.o.o. ("IND-EKO") will retain a majority stake and continue to lead the Company. The Project will utilise a VPP platform developed and implemented in Slovenia by NGEN energetske reΕ‘itve d.o.o. ("NGEN"), an experienced party already operating in the battery storage and VPP space. NGEN will take a 50% stake in in one of the Company's subsidiaries dedicated to VPP management and will provide the algorithmic electricity trading platform which will be used by the Company.
Project Objectives
The proceeds will be used to support the Company's deployment of a BESS and VPP system in Croatia and its long-term growth strategy.
Transition Impact
ETI score: 74
The Project will be the first combined BESS and VPP system on the Croatian market and will help provide critical balancing services to the transmission system operator to balance the grid. Such balancing services are expected to be increasingly crucial going forward as more and more intermittent renewable energy sources will be connected to the Croatian electricity grid. The entirety of the proceeds qualifies as GET and the Project will contribute to the Green and Resilient transition qualities as its introduction will enable more renewables to be reliably deployed in the coming years.
Client Information
IE-ENERGY PROJECT DD
IE-Energy Projekt d.d. is a joint stock company to be established by IND-EKO PLUS d.o.o. for the greenfield development of a BESS and VPP asset in Ε ibenik, Croatia.
EBRD Finance Summary
EUR 16,750,000.00
Additionality
The Bank's additionality stems from providing support to investors, by mitigating non-financial risks, such as country, regulatory, project, economic cycle, or political risks as well as offering innovative financing structure on commercial terms not available from other banks.
Environmental and Social Summary
Categorised B (2019 ESP). The environmental and social due diligence (ESDD) for the proposed battery storage facility was carried out internally using ESD resources. The ESDD included a visit to the proposed site, a review of the main design report, a review of the technical due diligence report which wa
