Altex Romania Loan 100% GET

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

Senior loan in the amount of EUR 26.25 million, 8 years tenor, 1.5 years grace period, to finance up to 70% of the cost of a new warehouse of 55,000 sqm to be located near Bucharest.

Project ID 53363

Status Cancelled

Location

Romania

Business Sector

Manufacturing and Services

Notice Type

Private

Company Contact Information

Mihaela Mitescu
mihaela.mitescu@altex-holding.com
0040 21 206 2000
www.altex.ro
Global City Business Park Sos. Bucuresti Nord, nr. 10, Corp O1, Voluntari, Jud. Ilfov

Project ID 53363

Status Cancelled

Location

Romania

Business Sector

Manufacturing and Services

Notice Type

Private

Environmental Category

Approval Date

11 Dec 2024

Disclosure date

07 Aug 2024

Project description

Senior loan in the amount of EUR 26.25 million, 8 years tenor, 1.5 years grace period, to finance up to 70% of the cost of a new warehouse of 55,000 sqm to be located near Bucharest.

Project objectives

The implementation of the project will lead to significant operational efficiencies (replacing part of the existing rented warehouses), as it triggers a 70% increase in the client logistics hub. The project will support expansion of the business, especially the online segment.

Transition impact

ETI Score:63

s the following qualities:

(1) Green (Primary): 100% of the EBRD funds will be used for green investments such as capex related to the construction a new warehouse with relevant green building certification, as well as installation of PV panels. The Project is 100% GET.

(2) Inclusive (Secondary): the Client will promote greater workforce diversity by integrating older workers into their workforce.

Client information

ALTEX ROMANIA SRL

The Borrower, Altex Romania SRL ("Altex"), is the leading electro-IT retailer in Romania. Altex is 100%-owned (directly and indirectly) by Romanian businessman Dan Ostahie.

EBRD Finance Summary

EUR 26,250,000.00

The Bank will finance up to 70% of the Project Cost, including refinancing of the expenses incurred by the Client in excess of min own contribution (of 30% of the Project Cost).

Total project cost

EUR 37,500,000.00

Additionality

EBRD offers a tenor (8 years), which is longer than available to the client in the market on reasonable terms and conditions.

EBRD helps the client to mitigate carbon transition risks and take climate action, the Project being the first ever greenfield investment of the client and the largest asset that will obtain green building certification.

Environmental & Social Summary

Categorised B (2019 ESP). Environmental and social (E&S) issues associated with the construction and operation of a new logistics centre located in an existing commercial zone will be site specific and be avoided or mitigated through good design and management practices. A targeted Environmental and Social Action Plan (ESAP) has been developed to ensure the project complies with EBRD's E&S Performance Requirements (PRs). Environmental and social due diligence (ESDD) was carried out by ESD and included a review of the company's existing E&S performance from annual E&S reports associated with the initial project, monitoring visit to the review ESAP implementation for the first project. The proposed location of the new logistic centre is located adjacent to the company's existing logistics centre also located in a commercial zone. The closest residential dwellings are approximately 1km away and the new logistic centre will not result in any involuntary resettlement, the land has been purchased by the company and will not result in any physical displacement. Since the initial project, the company has developed and implemented ISO 14001 Environmental Management systems which has been independently certified. The company has also revised their internal worker grievance mechanism which was a ESAP requirement under the initial project. The company has developed and implemented a SEP, although this will need to be reviewed for the new project. Overall, ESDD has confirmed the company's operations remain in compliance with Romanian environmental and social requirements, which are aligned with the EU, and the company continues to demonstrate and operate an Occupational Health and Safety (OHS) Management system that identifies risks, training, recording of accidents / near misses and accident investigation. An external provider continues to be in place providing health and safety consultancy support as required. Human resource (HR) polices are in place and internal regulations exist for managing HR. Environmental management arrangements for managing hazardous wastes remain in place which includes the acceptance of recycled waste electrical and electronic equipment (WEEE) for recycling from customers at its nationwide stores. The ESAP developed includes, inter alia, carry out and an environmental, health and safety assessment of the planned construction of the new logistic centre, select and monitor appointed contractors to ensure compliance to PR2, obtain all necessary environmental permits required for construction and operation, undertake an independent fire and life safety audit; and carry out a review of potential increased traffic and road safety risks. A Stakeholder Engagement Plan (SEP) will also be developed and implemented by the main contractor for the construction phase. The project will be monitored through annual reporting with site visits, if appropriate, to confirm the ESAP implementation progress and performance requirement compliance.

Technical Cooperation and Grant Financing

n/a

Company Contact Information

Mihaela Mitescu
mihaela.mitescu@altex-holding.com
0040 21 206 2000
www.altex.ro
Global City Business Park Sos. Bucuresti Nord, nr. 10, Corp O1, Voluntari, Jud. Ilfov

PSD last updated

07 Aug 2024

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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Altex Romania Loan 100% GET

Overview

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

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)