GrCF3 W2 - OSHEE Tirana substation project

approved

Up to EUR 22.5 million senior sovereign-guaranteed loan to Operatori i Shperndarjes se Energjise Elektrike ("OSHEE," the "Client," the "Company"), the state-owned electricity distribution and supply company in Albania. The loan proceeds will be used for investment purposes to finance the construction of the underground 110/20 kV substation in central Tirana. The original cost estimate for the substation of EUR 14.5 million, was based on a preliminary assessment. However, the final technical design, developed by a specialised external consultant, revealed an increase of ca. EUR 8 million. This increase was primarily attributable to inflationary pressures on raw material prices, enhanced project specifications, and the incorporation of final technical requirements.