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Company Response

27 Jul 2022

EBRD response to EECA hydropower investor outreach

... The EBRD would like to take the opportunity to correct the record regarding the following:

Namakhvani – the EBRD has not invested in Namakhvani and has no connection with this project.

Nenskra – this project is currently in preparation and issues associated with E&S impacts are being considered in full and being structured to meet the EBRD’s requirements and good international practice.

Shuakhevi, Paravani, Dariali are all projects in which the EBRD has invested, all of which have been constructed and are fully operational in line good international practices.

Yeghegnadzor small HPP – this is a small scale project that a partner bank invested in 2005 via a credit line for energy efficiency. The EBRD has no direct or indirect involvement in this project for the last decade.

Sevan-Hrazdan Hydrocascade – this is a rehabilitation project which has been fully repaid and is associated with no E&S or human rights impacts. The cascade was constructed between 1930-1960s and the link to the EBRD here is tenuous.

Rogun HPP – the EBRD has not invested in Rogun and has no connection to this project.

With regard to the specific allegations made against the Shuakhevi, Paravani, Dariali HPP projects these all stem from a single NGO which has also filed formal grievances with the EBRD. Each of these grievances has been assessed under the EBRD’s accountability mechanisms and where recommendations have been provided these have been adopted in full. There are currently no outstanding E&S or human rights related issues associated with any of these projects. ...