The Situation
A public-private partnership investment fund was aiming to promote energy efficiency and renewable energies in South East Europe and neighbouring European regions outside the EU.
The Fund had invested in a number of renewable energy projects, and wanted to ensure its Partner Institutions were operating both in accordance with the Fund’s internal environmental and social procedures, and the requirements of external financial institutions investing in renewable energy, based on international best practices like those of the International Finance Corporation and the European Bank for Reconstruction and Development.
Our Solutions
Anthesis undertook a high-level environmental and social review of three Partner Institutions of the Fund. This included two financial institutions located in Croatia and Turkey responsible for the Fund’s investments in its respective regions, and one direct investment project (hydropower generation) in Albania.
Anthesis produced a full report summarising a high-level risk assessment of the investment portfolio, as well as the environmental and social compliance status of the individual Partner Institutions. We also produced a summary report for the Fund’s Board of Directors.
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Impacts of the Project
Risk analysis
Our analysis showed that the investments were concentrated in energy efficiency and renewable energy measures in the residential, commercial, industrial and agricultural sectors. Given the nature of such projects, the overall portfolio was rated as low-risk and appeared to be well managed.
Fund compliance
The three Partner Institutions we reviewed were also compliant with the applicable environmental and social requirements of the Fund at a satisfactory level.
Preventative measures
The high-level environmental and social risk assessment allowed the Fund to identify potential risks and implement preventive measures where deemed necessary. The specific review of the three Partner Institutions also reassured our client that they were complying with the internal requirements of the Fund.
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