PROJECT PROPOSAL SUBMITTED BY EBRD

Transcription

1 Date 7 December 2017 LVIV SOLID WASTE PROJECT SUBMITTED BY EBRD Page 1 of 11

2 Lviv Solid Waste, EBRD Unit As per Application Last Meeting Today forecast Difference Colour Coding Comment Indicators CO2 Eq Savings* Tonnes p a 141,500 Electricity Savings Natural Gas Savings* MWh p a Th M 3 p a Water Savings Other GHG to be mentioned (NOx, SO2 etc) m 3 p a Tonnes p a Phosphorous (P) Phosphate savings Nitrogen (N) (increase) BOD (savings) UFW Tonnes p a Tonnes p a Tonnes p.a Approved by AoC Date Implementation planned final Date 4Q 2020 First Disbursement Date 1Q 2018 First Disbursement Euro 1Q 2018 (Loan) First Disbursement Euro 1Q 2018 (Grant) Consumers Served No 760,000 * outdated methodology for cogeneration savings calculation Ratios E5P Grant / Loan x 1:2.5 E5P grant / Total Investment Gas saved / 1 Euro E5P Grant CO2 Eq Saved / 1 Euro E5P grant E5P Grant / Consumer served Total Investment / Consumer served x 1:4.2 m 3 p a kg p a 14.2 Euro / p.a Euro / p.a Tariff % of est Cost % Recovery Total Investment Euro 41.8 million E5P Grant Euro 10.0 million Colour codes In Accordance with plan Slight delays/deviation Delays. Comments required Page 2 of 11

3 Project Proposal Lviv Solid Waste Project Basic Information on Beneficiary/Borrower Beneficiary Lviv municipality with a population of 760 thousand (the City ) and Lviv Communal Enterprise Green City (the Company ), a wholly owned municipal company providing solid waste management services in the City of Lviv. The City of Lviv is the 7th largest city in Ukraine with a population of about 760,000 inhabitants and a total municipal solid waste ( MSW ) generation of 240,000 tonnes per year. The municipality, Lviv City Council, is responsible for managing the collection, treatment and disposal of the MSW. The collection and transportation of MSW in the city of Lviv is performed by five companies (four private and one communal), each one operating in a certain district. The service users are households, budget institutions and commercial enterprises. Although containers are provided for at-source segregation (plastics, glass, paper), in practice there is little segregation of the different MSW streams, and there is considerable room for progress. Households are billed monthly by the Housing Associations based on waste produced and property size (sq.m.) and therefore the charging system has partly the characteristics of a PAYT (pay as you throw) system. The Housing Associations in respect pay the collection companies and the landfill operator. Charges are set only for mixed waste and not for recyclables. Until June 2016 nearly all the MSW collected in Lviv had been landfilled, without prior treatment, at the Hrybovychi landfill. The Hrybovychi landfill has been neither an engineered landfill nor operated to European standards (i.e. no basal lining system, and only rudimentary management of leachate and landfill gas). The area of the landfill is 38.8 hectares, of which 26 ha are the disposal cells. It has been operating since The amount of waste at the landfill is estimated at 50 million m3, with waste height of meters. In the past ( ), industrial, mostly hazardous waste has been deposited, originating from the oil and galvanizing industry. In certain points, there are 3 acid tar ponds with high hydrocarbon content (a chemical analysis has been requested). The ponds are owned by the state oil company which is now bankrupt. The produced leachate from the landfill is collected in a leachate pond of m3 volume. In June 2016, a fire broke out in the waste mass at the landfill, leading to an intervention by the fire. During the firefighting operation, part of is the waste mass collapsed, leading to the tragic death of four persons. Since this incident, the landfill has remained closed and the MSW from Lviv is sent to other landfills in Ukraine, often at considerable distances from Lviv. As a consequence of these events, it has become urgent to propose and develop an integrated solid waste management system to replace the existing, unsatisfactory arrangements. Sector City Contact person The City of Lviv signed the Covenant of Mayors on 12 January 2009 and its related Sustainable Energy Action Plan was approved on 14 th July 2011, including an emissions reduction target of 20%. Solid Waste Lviv Mr. Vadym Nozdria, Director, Lviv Communal Enterprise Green City, Head of MSW Project Group Address: 1, Rynok Sq; Lviv, Ukraine; (67) Nozdria.Vadym@lvivcity.gov.ua Basic Information on Project EE / Energy Efficiency and Environment Environment Overall The overall objective of the proposed project is to address the City s urgent investment needs with Objective respect to emergency and priority measures for the rehabilitation of the Hrybovychi landfill and overall Page 3 of 11

4 improvement of MSW in the City. The project is expected to: (i) put in place an integrated approach for management of MSW in Lviv, (ii) reduce the share of MSW going to landfill by promoting recycling, other recovery, (iii) provide modern SWM infrastructure with respect sorting and composting, (iv) ensure that a long-term, sustainable SWM strategy is implemented, (v) achieve significant reduction in GHG emissions. As a result the level of solid waste services in terms of collection quality and environmental, health and safety standards can be substantially improved. The proposed project will help Lviv to contribute to Ukraine s obligations under the EU Association Agreement and environmental improvement as a whole. Furthermore, the project will result in GHG emissions reduction, which will add to the City s aspirations to reduce overall CO2 emissions by 20 per cent by 2020 under the EU s Covenant of Mayors initiative. The Project will have a significant demonstration effect in the country serving as an example of the sustainable rehabilitation of the landfill as well as introduction of modern MSW management solutions with high environmental benefits. This is particularly important in the current national context. Ukraine produces more than 12 million tonnes (t) of municipal solid waste per year, accumulated in many landfills, the vast majority of which do not comply with environmental protection standards. It should also be noted that, in addition to official landfills, there are thousands of uncontrolled dumps, especially in rural areas. In 2015, it was estimated that the rate of recycling or recovery of MSW was 5.93%, including 2.73% in energy recovery, 3.2% in material recycling, and 0.003% in composting. The other 94% of MSW was sent to landfill. The current legislation is pushing the country towards an evolution in the management of MSW. The first step in this direction was taken with the adoption in 2004 of the Government Programme on Solid Household Waste. Its objective is to develop mechanisms for the collection, transport, recovery and burial of solid household waste. The draft law 'On household waste' also provides for the creation of regulatory mechanisms in the sector. The Government is sensitive to the urgency of introducing separate collection of household waste and raising public awareness of waste management issues. As part of the development of a national waste management plan, a draft national waste management strategy was published in December The long-term goal is to align the waste management policy and principles in Ukraine with the European Waste Directive in accordance with the conditions of the Association Agreement between Ukraine and the European Union. Project Description, Investment Plan The proposed project financing covers: (i) priority works and phase I of rehabilitation of Hrybovychi landfill (EUR 12.0 million) (ii) phase I of the Mechanical and Biological Treatment (MBT) plant including, inter alia, sorting and composting facilities (EUR 25.1 million) and (iii) improvements to the existing SWM system with respect to separate collection and recycling (EUR 4.7 million). The first phase of the Hrybovychi landfill rehabilitation (EUR 12.0 million) includes, in addition to City financed components related to priority construction works and LFG monitoring (EUR 1.2 million) the following components for the total budget of EUR 10.8 million: - Measures to stabilize the eastern slope, including reprofiling the waste mass to provide a slope angle stable in the long term and which is suitable for the installation of the final cover layer; - Earthworks (backfill) to reprofile the dome of the landfill (with or without new waste) to ensure there is no ponding and infiltration rainwater; - Final cover layer on the reprofiled east slope to reduce infiltration of rainwater into the waste mass; - Leachate & surface water drainage (necessary to drain the leachate at the base of the waste mass); The pilot landfill gas (LFG) wells and LFG flare unit to ensure that LFG from the waste is correctly captures and evacuated to LFG network and then eliminated in a correct manner by combustion; - Leachate treatment for existing leachate lagoons. The first phase of the MBT plant (EUR 25.1 million) includes the following investment components: - Preparation works for further construction (access road, infrastructure, networks) (EUR 1 million); - Mechanical part and general production facilities of MBT plant (sorting facilities for mixed waste and dry waste) and composting and simple stabilisation facilities (EUR 24.1 million). Page 4 of 11

5 The Grant is expected to be channelled towards MBT plant construction. The improvements to the existing SWM system (EUR 4.7 million) include: - Household civic amenity centres (EUR 2.4 million); - Development of separate collection of dry recyclables and initiatives for reuse/recycling of specific waste streams (EUR 1.8 million); - Public awareness activities (EUR 0.5 million). The City has already financed some of the priority emergency measures for the total budget of EUR 0.66 million, namely: - Contracted one of the Ukrainian design companies to process technical designs (in cooperation with Egis) for the Hrybovychi landfill rehabilitation and leachate treatment of existing leachate lagoons; - Commenced construction of 1 st phase of the protection dam; - Installed a video and thermal surveillance system and completed the construction of a protective fence. While the proposed investment finances the first phase of the rehabilitation of Hrybovychi landfill and sorting and composting facilities the second phase (Hrybovychi rehabilitation completion and expansion of MBT) is dependent on the progress of the EIB sovereign framework Ukraine Municipal Infrastructure Programme. For Hrybovychi landfill rehabilitation moving ahead with the emergency works and the first stage of rehabilitation is critical to preclude further catastrophic events and loss of life. For the MSW infrastructure the risk is mitigated by selecting as part of the EBRD project the standalone investment components (MBT phase I including, inter alia, sorting, composting facilities) so that the procurement and the works under the Project would not depend on the sovereign framework implementation progress. Furthermore the Bank is coordinating with the EIB the investment program and the next steps (in coordination with the City and the Consultant) to ensure close cooperation which is critical for successful project implementation in its entirety. The City has engaged an independent consultant (Egis) in order to develop the Feasibility Study (FS) for the Project. The FS is benefiting from support from the French Ministry of Economy under FASEP (Fonds d Etudes et d Aide au Secteur Prive) Programme. The environmental and social due diligence is part of the overall Feasibility Study and includes an independent environmental and social audit of the current operations and facilities, including the existing landfill, and an analysis of potential environmental and social impacts and benefits associated with the proposed investments. Specific attention has been paid to the rehabilitation activities to ensure their compliance with EU requirements for the future closure of the landfill after rehabilitation is completed. Project Description, Financing Plan EBRD Loan: EUR 20.0 million; EBRD CTF Loan: EUR 5.0 million; E5P Grant: EUR 10.0 million; Local contribution: EUR 6.8 million Total capital investment (incl. VAT): EUR 41.8 million TA Funds: Total investment: EUR 1.8 million EUR 43.6 million Project Description, Institutional Plan The Project is expected to have a significant energy efficiency, environmental and demonstration effect. It would be a first MSW management project in Ukraine for the EBRD as well as the first project on landfill rehabilitation of such scale in the country. The Project has a very significant replication potential for other Ukrainian cities, strongly benefiting from post-signing TA support. In particular, the financial and operational management of the Company will be improved by a Corporate Development Programme ( CDP ), to be financed by donor funds. The CDP will assist the Company to (i) support institutional development in the form of operational and financial improvements to secure sustainability of the solid waste operations, including signing of the Public Service Contract ( PSC ) between the City and the Company and (ii) finance the procurement of computers and automated accounting system. The CDP will provide training for key staff of the Company thus enabling commercial skills transfer. Adoption of a Stakeholder Engagement Plan as part of the Environmental and Social Page 5 of 11

6 Action Plan ( ESAP ) will allow the Company to improve its business conduct and external communications. A PSC will be signed between the City and the Company establishing an arms length relationship as well as formalising rights and responsibilities of the parties with regard to municipal solid waste management services and capital improvements. The Project is expected to facilitate the commercialisation of the Company. The Project will also benefit from and contribute to the on-going EBRD TC regulatory reform project Supporting Investments in Sustainable Municipal Solid Waste Management and Recycling In Ukraine that defines economic, fiscal and technical framework for establishing up-to-date MSW sorting system in Ukraine. As part of the project the City will undertake development of a Green City Action Plan ( GCAP ) with support from the TC funded Consultants. Lviv is to be the first municipality in Ukraine to undertake a GCAP development. Description of Demand Side Measures Description of Project benefits With the proposed investments, including inter alia improved MSW management and introduction of segregated collection, the consumers will benefit from the modern SWM infrastructure in line with European standards. In addition, a Stakeholder Participation Programme (SPP) together with Communications and Public Awareness Support will be implemented for enhanced public awareness of MSW related issues. This awareness campaign, together with the implementation of an SPP, will further support the City to align and coordinate efforts to ensure segregated collection, which will ensure efficient operation of the MBT plant and reduce the volume of MSW going to landfill. The direct beneficiaries of the project are approximately 760,000 residents of Lviv who will be provided with an upgraded, more efficient and better functioning municipal solid waste management services as well as the residents of Hrybovychi whose livelihood depends on the successful rehabilitation of the Hrybovychi landfill. The project is expected to: provide modern means of managing the MSW generated by the city if Lviv using integrated approach for all stages of management of MSW: collection, recovery, recycling, transport and disposal; Increase the rate of recycling in the City of Lviv; Reduce the biodegradable fraction going to landfill by promoting recycling, other recovery, etc. Result in significant GHG reduction of 141,500 tons per annum. The main benefits of the Project are expected to be the following: The Project will upgrade the existing landfill to EU standards in line with Ukraine s obligations under the EU Association Agreement. Health benefits result from Project measures which limit the impact of waste management on the health of the population of Lviv as follows: o higher sanitation standards, o avoidance or proper collection of leachate, o groundwater protection, o overall improved waste collection and disposal. The Project involves improvements in the operational governance and commercialisation of the sector. The Project is expected to bring improved standards of transparency and governance in a number of new ways such as: o introduction of a Public Service Contract; o requiring financial reports to be produced in accordance with IFRS; o requiring international tendering for the contracts; o requiring annual financial and environmental, social health and safety reports to be prepared; o helping the Company to create a new customer relations strategy and complaints handling procedures.. The Project promotes the application of appropriate tariff structures that lead to full cost-recovery where practicable, and generate revenue streams that can support project financing, sustainable Page 6 of 11

7 investment and operations. Ensuring cost recovery tariff is essential to make the Project financially sustainable but is expected to result in affordability challenges for the population that will be mitigated through grant funding as well as subsidy support from the Government for the low income households. Reductions in greenhouse gas emissions: o The feasibility study estimates that the implementation of the Project (loan and grant funded components) should lead to the reduction of CO2 emissions of around 141,500 tonnes per annum with 89,500 tonnes resulting from the MBT plant component and 52,000 tonnes resulting from Phase I of the Hrybovychi rehabilitation. Over the ten year lifetime of the Project, a total of around 1,410,500 tonnes of CO2 would therefore be avoided. The detailed calculation of the GHG emission reduction from the MBT plant (I phase) and Hrybovychi rehabilitation works has been prepared by the independent FS consultant (Egis) and is provided in the tables below: Recycled Waste Emissions Avoided emissions Net results Food waste Garden and Park waste 1,148-1, Paper, cardboard 1,555-8,640-7,085 Plastics 7,902-11,101-3,199 Glass 346-8,640-8,294 Ferrous Metals 26-2,456-2,430 Aluminium ,160-13,320 Textiles 15-1,368-1,353 Disposed of Waste Scattered waste not burned Open burning of scattered waste Wild dump Controlled dump/landfill without gas collection Sanitary landfill with gas collection BS + landfill MBT + further treatment + landfill 58, ,615-53,718 MBS/MPS + co-processing cement kiln Incineration Total 70, ,234-89,505 Reduction in landfill gas emissions from Hrybovychi landfill Impact of rehabilitation works year emissions from Hrybovychi landfill reduction in emissions due to LFG capture LFG (t) CH4 (t) t eq. CO2 capture rate t eq. CO ,817 5, ,170 20% 27, ,040 5, ,831 40% 52,332 Additional environmental benefits: Within the remediation measures for the existing landfill, the improvement of the leachate collection system will be considered as a key task to ensure in future the proper collection of leachate from the existing landfill. General principles for Grants Subsidiarity There are hardly any sources of commercial long-term financing for municipal utilities in Ukraine. The financing capacity of the Company is very limited, while investments are urgently needed. A combination of loan and grant funding will improve affordability of the Project. Page 7 of 11

8 Leverage Sustainability Blending of the loan and E5P grant financing shall be used to ensure the undertaken investment will achieve maximum impact under existing affordability constraints in the country. The grant will also be instrumental in focusing on the necessary reforms in the municipal solid waste sector and in promoting behavioural changes among the population by way of separate waste collection. The EBRD s loan and reform related conditionalities go far beyond what commercial funding sources would require, including accounting transparency, sector reform (introduction of incentive based service contract), environmental and social compliance, and application of sound procurement practices. The grant will effectively complement the loan by promoting more sustainable and environmentally friendly municipal solid waste management. The Project is also expected to improve the operational efficiency and financial management of the Company, while the combination of loan and grant financing is imperative for improving the sustainability of the Company. It will also provide training for key employees of the Company enabling skills transfer. Bringing in the support of the donor community under the E5P should diffuse the local political tensions and help move ahead with these critical investments to address Hrybovychi landfill rehabilitation (to preclude further potential disasters and loss of life) and improved MSW management in the City. Focus The E5P grant is imperative for the Project, which may not be possible without grant support due to the high capital investment costs. The Project is particularly important as it brings significant environmental and health benefits for the population. It will be a demonstration project reforming the solid waste management in the City in line with the national and EU policies, which can be replicated in other cities in Ukraine. Basic Information on Grant Rationale Grant Rationale The Project has a very high CO2 emission savings potential due to the direct reduction of methane emissions. The value of avoided CO2 emissions over the project life of 10 years at a price of EUR 15-30/tonne of CO2 would point at the range of EUR 21.2 to 42.5 million. The proposed E5P grant is crucial to achieve environmental and social benefits for the City through addressing the urgent steps necessary to rehabilitate Hrybovychi landfill as well introduce improved SWM system and implement first phase of an MBT plant. Being the first SWM project financed by the EBRD in Ukraine (and first integrated SWM project in the country overall), the Project has a substantial demonstration effect in the country and it is expected to be replicated in other Ukrainian cities. Thanks to the great level of visibility it should also promote green economy transition in the city. Furthermore, the E5P grant is justified both by affordability constraints in the country and by environmental and other benefits which could not be achieved without the Project. The affordability analysis developed by the Consultant demonstrates that the solid waste tariffs are expected to increase from 0.43% of the household disposable income to 1.12% for the average household. Similarly for the lower decile the average solid waste bill is expected to increase from 0.67% of the household disposable income to 1.8%. The growth in solid waste bill in conjunction with the growth in other utility services tariffs is expected to result in affordability challenges particularly for the lower income deciles of the population. The E5P grant would help the Company and the City to implement emergency and priority investments associated with Hrybovychi landfill rehabilitation as well as construct a much needed MBT plant (first phase) necessary to significantly reduce the landfilled waste stream (thereby reducing the GHG emissions) and support continuous provision of targeted subsidies by the City for low-income families to ensure affordability. Energy Consumption Savings While the Project does not include installation of the co-generation unit it is expected to be installed as part of the second phase of Hrybovychi rehabilitation leading to potential electricity savings of 21,400 MWh per annum once the landfill rehabilitation is completed. The main savings deriving from the Project include GHG emission reductions amounting to Page 8 of 11

9 tonne CO2-eq/yr 141,500 tons of CO2 equivalent per year mainly due to the reduction of methane emissions from the MSW from both MBT (Phase I) and Hrybovychi Rehabilitation investment components. The total reduction in emissions for the Hrybovychi landfill rehabilitation is t CO2-eq/yr. This is the estimate for 2020 based upon the implementation of the phase 1 rehabilitation, which represents 40% of the total emissions (wells installed on the East slope and part of the upper dome of the landfill). The landfill is covered with a geomembrane in the final cover and the LFG wells are installed at 50m centres: all the wells are connected to a LFG flare. In 2020, the estimated LFG generation rate is m 3 /hr. The total reduction in emissions for the MBT plant is t CO2-eq/yr. This breaks down into: a net t CO2-eq/yr for the recycled waste, based upon the sorting line which is dimensioned to meet the national recycling targets (Paper/cardboard 60%, plastics 23%, glass-60%, ferrous metals 50%, aluminium-50%). A net t CO2-eq/yr for the treatment component, assuming separation of recyclables (as per above), fabrication of RDF, biological stabilisation of the remaining fraction and co-incineration of RDF in cement kiln. The stabilised fraction is disposed of to an engineered sanitary landfill, with lower methane emissions than non-stabilised waste.the reduction as shown on the chart below: 100,000 GHG emissions 50, , , , ,000 Recycled waste Disposed of waste Total MSW Debits Credits Net Thus, the total CO2 savings during the 10-year term upon the project completion can be as high as 1,415,000 tonnes. Amid all the municipal projects in Ukraine financed by the EBRD, this one has the greatest CO2 emission savings potential due to the direct reduction of GHG (methane) emissions. The value of avoided CO2 emissions over the project life of 10 years at a price of EUR 15-30/tonne of CO2 would point at the range of EUR 21.2 to 42.5 million. The proposed emissions saving ratio would be 14.2 kg CO2 per annum per 1 EUR invested based on a EUR 10 million grant. Regulatory issues Future cost recovery tariff introduction is one of the main regulatory issue related to the project. The Client will be supported through CDP in addressing, inter alia, tariff setting. On the national level the policy dialogue is maintained with the Government and the Parliament through the ongoing EBRD TC regulatory reform project Supporting Investments in Sustainable Municipal Solid Waste Management and Recycling In Ukraine. A separate TC is under consideration to support the Regulator with establishing the transparent and streamlined tariff-setting procedures in the Page 9 of 11

10 MSW sector. Procurement will be carried out in accordance with the EBRD Procurement Policies and Rules ( PP&R ). The investment components will be procured through open tendering. The Bank will contract independent and experienced consultants to guide the Company and the City through all aspects of procurement from preparation of technical specifications and tender document through to delivery of the first consignment of vehicles. EBRD standard tender documents and evaluation report format will be used. In accordance with PP&R, all documents will be subject to the Bank s prior review and no objection, i.e. tender documents (including technical specification, evaluation criteria, and contract conditions), evaluation report and, for review, contract document. This tender in particular will also be subject to a Selective Review procedure, i.e. ex ante sign-off from the Bank s Procurement Policy Department will be required to all procurement documents in addition to review by the Project team s Procurement Specialist. Involvement of an independent consultant and two-step prior review by the Bank will ensure the efficient and transparency of the process. Grant Sizing Considering the large size of the proposed investment, significant environmental externalities and affordability constraints in the country, blending of the loan is required. Hence the EBRD loan is expected to be co-financed by an E5P capital grant of EUR 9 million. Amid all the municipal projects in Ukraine financed by the EBRD, this one has the greatest CO2 emission savings potential due to the direct reduction of GHG (methane) emissions. The grant size assessed based on energy efficiency benefits re-calculated to the value of avoided CO2 emissions over the project life of 10 years at a price of EUR 15-30/tonne of CO2 would point at the range of EUR 21.2 to 42.5 million. Moreover, the E5P Grant will enable the financing of the Project and allow the Company and the City to achieve all the previously described related benefits, most of which are difficult to measure in monetary terms. The E5P grant to total investment ratio is 1:4.2, while the E5P grant to loan ratio is 1:2.5. Basic Information on Project Timetable Timetable July 2017 Concept Review (completed); July November 2017 Feasibility Study; November 2017 Final Review; 4Q Q 2018 Loan and Grant Signing; 4Q Q 2018 Guarantee Signing; 4Q 2017 Procurement; 1Q 2018 First Disbursement; 1Q 2018 Start of Implementation; 4Q 2020 Estimated Project Completion. Reforms required No specific reforms are required prior to project start. However, the project beneficiaries will be supported with post-signing TA funds to improve the operational and financial performance of the Company and the municipal solid waste management in Lviv. Furthermore Regulatory reform TA will also be considered to support the National Commission (Regulator) to help design the regulatory basis in market friendly and transparent manner. The TA for the development of the CDP and the Stakeholder Participation Programme ( SPP ) for the Company will support institutional development in the form of adoption of Public Service Contract between the City and the Company, support operational and financial improvements, and implementation of an SPP. Following recent adoption of the National Waste Management Strategy for Ukraine (supported through technical assisstance by the Government of Sweden) EBRD is currently considering providing support to the National Commission (Regulator) in developing the secondary legislation (regulations, procedures, reporting requirements, etc.) necessary to ensure transparent and streamlined tariff setting for the solid waste recycling and landfilling. Page 10 of 11

11 Links to Decision Criteria The project will address urgent needs in the municipal solid waste management in Lviv and will contribute to the improved SWM management as well as rehabilitation of the MSW landfill. The Project will have a significant demonstration effect for other Ukrainian cities and will promote the sustainable MSW management throughout the country. Current Status Date of targeted DA meeting The proposed investment is fully aligned with the EBRD s new Green Economy Transition Approach, focused on investments linked to energy efficiency, carbon emission reduction and environmental improvements. The Project passed the EBRD Concept Review in July The Pre-Financing Agreement was signed in July The Feasibility Study will be finalised by November The Loan and Grant signing is expected in 4Q Q 2018 (subject to E5P approval). 7 December 2017 Basic Information on Applicant Applicant IA EBRD Contact Information EBRD Lin O Grady (ogradyl@ebrd.com) Denis Gaiovy (dgaiovy@ebrd.com) Ihor Knyazyev (knyazevi@ebrd.com) Olena Borysova (borysova@ebrd.com) Monica Bucurenciu (bucurenm@ebrd.com) Page 11 of 11