DFF - IE Energy Storage and Virtual Power Plant

approved

A direct equity investment of up to €16.8 million in favour of IE-Energy Projekt d.d. (the "Company"), a joint stock company to be established for the greenfield development of an up to 60 MW battery energy storage system ("BESS") and Virtual Power Plant ("VPP") in Šibenik, Croatia. EBRD's investment is approved under the EBRD Direct Finance Framework non SME. The Project also envisages an €16.5m capex grant from the EU Modernisation Fund as well as an equivalent investment from a financial co-investor. Following the capital injection, the founding shareholder IND-EKO PLUS d.o.o. ("IND-EKO") will retain a majority stake and continue to lead the Company. The Project will utilise a VPP platform developed and implemented in Slovenia by NGEN energetske rešitve d.o.o. ("NGEN"), an experienced party already operating in the battery storage and VPP space. NGEN will take a 50% stake in in one of the Company's subsidiaries dedicated to VPP management and will provide the algorithmic electricity trading platform which will be used by the Company.