Quick Facts

Where the impacts of the investment may be experienced.
  • Croatia
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • European Bank for Reconstruction and Development (EBRD)
Status: Proposed
Bank Risk Rating: B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2016-09-27
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
The holder of the loan, grant, or other investment.
The service or industry focus of the investment. A project can have several sectors.
  • Energy
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 70.90 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

Currency conversion note:
Bank reported EUR 65,000,000.00
Converted using 2016-09-27 exchange rate.
Project Cost (USD): $ 212.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

Currency conversion note:
Bank reported EUR 195,000,000.00
Converted using 2016-09-27 exchange rate.

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Primary Source

Original disclosure @ EBRD website
Updated in EWS: 2017-05-01
Disclosure Date: 2016-09-27
EL TO Zagreb Upgrade Project

Project Description
The EBRD is considering arranging an A/B loan of EUR 126 million to Hrvatska Elektroprivreda d.d. (HEP), Croatia's national energy company. The EBRD's portion of the proposed syndicated loan will be up to EUR 65 million. According to bank documents, the loan proceeds will predominantly be used for the financing of construction works and the installation of the required equipment, all of which will be procured under the EBRD's procurement policies and rules.
Investment Description
Hrvatska Elektroprivreda d.d. (HEP, or the Borrower) is a joint stock company established in Croatia and fully-owned by the government of Croatia. The main activities of HEP include the generation, transmission and distribution of electricity, the provision of district heating and gas distribution services throughout the country.
Contact Information
Kresimir Komljenovic and Davor Krilic kresimir.komljenovic@hep.hr and davor.krilic@hep.hr +385 1 3037801 +385 1 6322308 www.hep.hr Ulica grada Vukovara 37 10 000 Zagreb ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.