<div><h2>Project Description</h2><p></p><p>A financing facility to MAS Energy LLC in the amount of up to USD 1.87mm.  The loan will finance the construction and operation of 1.45 MW Skurdidi 3 HPP located on river Skurdidi, in the Adjara region of Georgia.</p><p></p><h2>Project Objectives</h2><p></p><p>To finance the development, construction and operation of a small-sized greenfield hydro power plant in Georgia with the installed capacity of 1.45 MW located in the Adjara region of Georgia.</p><p></p><h2>Transition Impact</h2><p>ETI score: 60</p><p style="margin-top: -13px;"></p><p>Competitive: the operation will support the development of a new renewable energy capacity in Georgia, which will help to increase the share of private generation and facilitate further competition in the country's electricity market.</p><p>Green: the Project is estimated to generate 7.3GWh of electricity annually, corresponding to expected reduction in GHG emissions of up to 990 tonnes of CO2 equivalent per annum.</p><p></p><h2>Client Information</h2><p>MAS ENERGY LLC</p><h2>EBRD Finance Summary</h2><p>										USD 1,870,000.00									</p><h2>Total Project Cost</h2><p>										USD 2,530,000.00									</p><h2>Additionality</h2><p></p><p><em>Financing structure</em>: EBRD offers financing that is not available in the market from commercial sources on reasonable terms and conditions, e.g. longer grace period and tenor under a limited-recourse project finance structure.</p><p><em>Standard-setting</em>: The Borrower seeks/makes use of EBRD expertise on higher environmental standards, above the requirements of Georgian law.</p><p><em>Knowledge, innovation, and capacity building</em>: EBRD provides expertise, knowledge and capabilities in the hydro sector in Georgia that are material to the timely realisation of the Project's objectives.</p><p></p><h2>Environmental and Social Summary</h2><p></p><p>Category B (Environmental and Social Policy 2019): the environmental and social (E&amp;S) risks and impacts associated with the construction and operation of the project have been assessed by way of independent E&amp;S Due Diligence (ESDD).  The ESDD concluded that the project is of small-scale in nature, with the weir to be constructed at 2.5 meters, no reservoir or water regulation, or the requirement of any land take which could result in involuntary physical or economic displacement.  The project is not located in a legally protected or sensitive area.  The project is located downstream of the existing HPP where no additional impacts to the river flow regime are anticipated.  An Environmental and Social Action Plan has been developed and agreed with the client to manage construction related impacts and to operate the project in line with good practice, including biodiversity monitoring and disclosure of biodiversity related information.</p><p></p><h2>Technical Cooperation and Grant Financing</h2><p></p><p>TC support for this operation has been provided by the ETC Fund to cover the costs of a technical due diligence and Environmental and Social (E&amp;S) assessment.</p><p></p><h2>Company Contact Information</h2><p>Irakli Tkebuchava<br/>i.tkebuchava@gegroup.org<br/>24 V. Dolidze Street, Tbilisi, Georgia GE0171<br/></p><h2>PSD last updated</h2><p>25 Apr 2024</p><div id="docsLinks" style="display:none"><h2>Related material</h2><ul class="relMat"></ul></div><script type="text/javascript">						var projFinderService = '/project-finder-json?1=1';						var projectId = "55114";					</script><h2>	Understanding Transition</h2><p>	Further information regarding the EBRD’s approach to measuring transition impact is available <a href="https://www.ebrd.com/what-we-do/economic-research-and-data/transition-impact.html">here</a>.</p><h2>	Business opportunities</h2><p>	For business opportunities or procurement, contact the client company.</p><p>	For business opportunities with EBRD (not related to procurement) contact:</p><p>	Tel: +44 20 7338 7168<br/>	Email: <a href="mailto:projectenquiries@ebrd.com">projectenquiries@ebrd.com</a></p><p>	For state-sector projects, visit <a href="https://www.ebrd.com/pages/workingwithus/procurement.shtml">EBRD Procurement</a>:<br/><br/>	Tel: +44 20 7338 6794<br/>	Email: <a href="mailto:procurement@ebrd.com">procurement@ebrd.com</a></p><h2>	General enquiries</h2><p>	Specific enquiries can be made using the <a href="https://www.ebrd.com/eform/information-request">EBRD Enquiries form</a>.</p><h2>	Environmental and Social Policy (ESP)</h2><p>	The <a href="https://www.ebrd.com/news/publications/policies/environmental-and-social-policy-esp.html">ESP</a> and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social 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 additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.</p><p>	More information on the EBRD’s practices in this regard is set out in the <a href="https://www.ebrd.com/news/publications/policies/environmental-and-social-policy-esp.html">ESP</a>.</p><h2>	Integrity and Compliance</h2><p>	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 activities of the Bank 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 Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.</p><p>	OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to <a href="mailto:compliance@ebrd.com">compliance@ebrd.com</a>. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. 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.</p><h2>	Access to Information Policy (AIP)</h2><p>	The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the <a href="https://www.ebrd.com/what-we-do/strategies-and-policies/public-information-policy.html">Access to Information Policy</a> page to find out what information is available from the EBRD website.</p><p>	Specific requests for information can be made using the <a href="https://www.ebrd.com/eform/information-request">EBRD Enquiries form</a>.</p><h2>	Independent Project Accountability Mechanism (IPAM)</h2><p>	If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. 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).</p><p>	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 <a href="https://www.ebrd.com/news/publications/policies/environmental-and-social-policy-esp.html">Environmental and Social Policy</a> or Project-specific provisions of its <a href="https://www.ebrd.com/what-we-do/strategies-and-policies/access-to-information-policy.html">Access to Information Policy</a>; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.</p><p>	Please visit the <a href="https://www.ebrd.com/project-finance/independent-project-accountability-mechanism.html">Independent Project Accountability Mechanism webpage</a> to find out more about IPAM and its mandate; how to <a href="https://www.ebrd.com/eform/IPAM/Request_form">submit a Request</a> for review; or contact IPAM  via email <a href="mailto:ipam@ebrd.com">ipam@ebrd.com</a> to get guidance and more information on IPAM and how to submit a request.</p><p>	 </p></div>

DFF - MAS Energy HPPs - Skurdidi

A financing facility to MAS Energy LLC in the amount of up to USD 1.87mm.  The loan will finance the construction and operation of 1.45 MW Skurdidi 3 HPP located on river Skurdidi, in the Adjara region of Georgia.To finance the development, construction and operation of a small-sized greenfield hydro power plant in Georgia with the installed capacity of 1.45 MW located in the Adjara region of Georgia.ETI score: 60Competitive: the operation will support the development of a new renewable energy capacity in Georgia, which will help to increase the share of private generation and facilitate further competition in the country's electricity market.Green: the Project is estimated to generate 7.3GWh of electricity annually, corresponding to expected reduction in GHG emissions of up to 990 tonnes of CO2 equivalent per annum.MAS ENERGY LLCUSD 1,870,000.00USD 2,530,000.00Financing structure: EBRD offers financing that is not available in the market from commercial sources on reasonable terms and conditions, e.g. longer grace period and tenor under a limited-recourse project finance structure.Standard-setting: The Borrower seeksmakes use of EBRD expertise on higher environmental standards, above the requirements of Georgian law.Knowledge, innovation, and capacity building: EBRD provides expertise, knowledge and capabilities in the hydro sector in Georgia that are material to the timely realisation of the Project's objectives.Category B Environmental and Social Policy 2019: the environmental and social ES risks and impacts associated with the construction and operation of the project have been assessed by way of independent ES Due Diligence ESDD.  The ESDD concluded that the project is of small-scale in nature, with the weir to be constructed at 2.5 meters, no reservoir or water regulation, or the requirement of any land take which could result in involuntary physical or economic displacement.  The project is not located in a legally protected or sensitive area.  The project is located downstream of the existing HPP where no additional impacts to the river flow regime are anticipated.  An Environmental and Social Action Plan has been developed and agreed with the client to manage construction related impacts and to operate the project in line with good practice, including biodiversity monitoring and disclosure of biodiversity related information.TC support for this operation has been provided by the ETC Fund to cover the costs of a technical due diligence and Environmental and Social ES assessment.Irakli Tkebuchavai.tkebuchavagegroup.org24 V. Dolidze Street, Tbilisi, Georgia GE017125 Apr 2024Further information regarding the EBRD's approach to measuring transition impact is available here.For business opportunities or procurement, contact the client company.For business opportunities with EBRD not related to procurement contact:Tel: +44 20 7338 7168Email: projectenquiriesebrd.comFor state-sector projects, visit EBRD Procurement:Tel: +44 20 7338 6794Email: procurementebrd.comSpecific enquiries can be made using the EBRD Enquiries form.The ESP and the associated Performance Requirements PRs set out the ways in which the EBRD implements its commitment to promoting "environmentally sound and sustainable development".  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders' concerns and grievances, in particular, about environmental and social 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 additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from 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.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 activities of the Bank 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 Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to complianceebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. 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.The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. 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.If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful e.g. 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 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; how to submit a Request for review; or contact IPAM  via email ipamebrd.com to get guidance and more information on IPAM and how to submit a request.

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