Public Power Corporation liquidity response Greece

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

Provision of an up to EUR 160 million working capital facility to support Public Power Corporation SA (PPC) operations at the time of the Covid-19 crisis in Greece.

Project ID 51981

Status Complete

Location

Greece

Business Sector

Energy

Notice Type

State

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Ioannis Stefos
i.stefos@dei.com.gr
+30 210 5292153
+30 210 523 2251
www.dei.gr
30 Chalkokondyli St., 104 32, Athens Greece

Project ID 51981

Status Complete

Location

Greece

Business Sector

Energy

Notice Type

State

Environmental Category

Approval Date

28 May 2020

Disclosure date

24 Apr 2020

Project description

Provision of an up to EUR 160 million working capital facility to support Public Power Corporation SA (PPC) operations at the time of the Covid-19 crisis in Greece.

Project objectives

The Project supports the PPC, the largest electricity generator and supplier in Greece. Accordingly the functioning of its operations are vital for the stability of the electricity sector as a whole. It provides critical functions along the sector chain including distribution, retail supply and collection of payments that are ultimately passed on to other generators and sector participants.

Transition impact

ETI Score:65

lience - Financial Stability: The main transition impact would be derived by creating resilience in the electricity system by making available working capital to ensure vital payment capacity and liquidity are maintained throughout the value chain during and beyond the Covid-19 crisis.

Well Governed - Prepare an action plan to implement the recommendations of the Task Force on Climate-related Financial Disclosure: The Bank is providing TC support to PPC to implement the recommendations of the Task Force on Climate-related Financial Disclosure.

Client information

PUBLIC POWER CORPORATION SA

PPC is the largest power producer and electricity supplier in Greece. It has been listed on the Athens Stock Exchange since 2001 and its main shareholder is the Greek State (51.1%), through the participation of the Hellenic Republic Asset Development Fund and the Hellenic Corporation of Assets and Participations where the Greek State holds 100% of voting rights.

EBRD Finance Summary

EUR 160,000,000.00

Total project cost

EUR 160,000,000.00

Additionality

As part of a crisis response EBRD is providing financing that effectively bridges a financing gap due to adverse market conditions.

Environmental & Social Summary

Categorised B (2019 ESP). The Bank's use of proceeds are designated for short term working capital and will not be used for any capital investments in thermal power generation or mining.

ESD undertook a corporate level ESDD of the Company in line with the ESD's ESDD approach to CV-19 Solidarity Package projects, to gain an understanding on how EHS issues are managed and the Company's strategy to comply with current and future EU legislation. This included review of publicly available documentation, as well as remote meetings with the Company's EHS and CSR team to understand the Company's plans to comply with current and future EU legislation. Overall, based on the ESDD, it has been concluded that PPC has sufficient Environmental, Health and Safety management systems and the capacity in place to fully implement the Bank's Performance Requirements. The Company is in the process of publishing its non-financial information in line with EU requirements.

The key challenge of the Company will be associated with compliance with the new BAT Conclusions at the existing power plants, and reducing the carbon footprint at the same time increasing the share of renewable energy generation. The Company is making efforts to address this and has made strong public commitment to implementing a decarbonisation Policy. This will include decommissioning of 3.4GW of lignite assets by 2023 and the remaining 0.6GW by 2028.

Based on the ESDD, an Environmental and Social Action Plan (ESAP) has been agreed with the Company in principal and will be finalized prior to Board consideration. This will ensure PPC's future compliance with the Bank's Performance Requirements and include a commitment to a decarbonisation strategy as well as disclosure of climate related information.

The Bank's financing will explicitly exclude coal and mining assets from receiving EBRD's proceeds in order to meet various EBRD policy requirements.

Information on the Company and is Corporate Social Responsibility can be found here (https://www.dei.gr/en/i-dei/etairiki-koinwniki-euthuni)

The Bank will monitor the implementation of the ESAP.

Technical Cooperation and Grant Financing

Technical Cooperation is being provided from the EBRD's Special Shareholder Fund to support the Company in preparing an action plan to implement the recommendations of the Task Force on Climate-related Financial Disclosure.

Company Contact Information

Ioannis Stefos
i.stefos@dei.com.gr
+30 210 5292153
+30 210 523 2251
www.dei.gr
30 Chalkokondyli St., 104 32, Athens Greece

Implementation summary

PSD last updated

07 May 2020

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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Public Power Corporation liquidity response Greece

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

Implementation summary

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)