Latest news with #EBRD
Yahoo
19 hours ago
- Business
- Yahoo
Renalfa receives €315m to boost renewable energy in Europe
Independent power producer (IPP) Renalfa has obtained €315m ($369.8m) from a consortium led by the European Bank for Reconstruction and Development (EBRD). The financing is aimed at advancing the green energy transition in Central and Eastern Europe. It will bolster Renalfa's €1.2bn investment programme, which is set to bring 1.6GW of generation assets and 3.3 gigawatt hours (GWh) of co-located battery energy storage systems (BESS) online across Bulgaria, Hungary, Romania and North Macedonia. These initiatives will provide 2.3 terawatt hours (TWh) of green electricity every year, sufficient to supply energy to 920,000 households. The integration of BESS will address the intermittency issues commonly associated with renewable energy, enhancing the stability of the electrical grid. The consortium's efforts were led by the EBRD, which contributed €100m directly and facilitated an additional €100m from commercial banks through an A/B loan structure. This is the first instance of the EBRD utilising the InvestEU first loss guarantee in a hybrid model, enabling both the EBRD and the banks participating in the A/B loan structure to benefit from the EU's risk-sharing mechanism. The move aims to mitigate market risks linked to merchant renewable power generation and cutting-edge storage technologies. Renalfa IPP CEO Ivo Prokopiev stated: 'The successful raising of growth funding is an important milestone for Renalfa IPP and for our whole group. It proves the competitiveness of our integrated model for developing, investing and operating large hybrid assets. 'The early implementation of long duration co-located BESS allows Renalfa IPP to start offering green baseload products to market in CEE for the first time. We are proud, together with our partners from RGREEN INVEST, to be at the forefront of energy transition not only in CEE, but in the whole EU.' The InvestEU programme is expected to catalyse more than €372bn in additional investments from 2021 to 2027. Between 2022 and 2027, the EBRD plans to leverage InvestEU guarantees worth €777m to fund investments of up to €2.7bn in qualified sectors. The EBRD will also facilitate the development of a training programme focused on BESS-related skills, targeting both current employees and prospective professionals in the region. Renalfa is set to collaborate with local universities to launch a campaign encouraging women to pursue careers in the energy sector. The lending consortium includes other financial institutions Black Sea Trade and Development Bank, OTP Bank, Nova Ljubljanska Banka, UniCredit and Kommunalkredit. Kommunalkredit served as the sole financial advisor to Renalfa IPP and acted as joint global coordinator alongside UniCredit. Legal counsel for the lenders was provided by A&O Shearman, while Ashurst represented Renalfa IPP. EBRD Banking vice-president Matteo Patrone stated: 'This is a landmark transaction, which will accelerate the much-needed deployment of renewable energy, reduce reliance on fossil fuels and strengthen energy security in a region still heavily dependent on carbon-intensive sources. 'We are proud to have been able to support this transaction, and, leveraging an InvestEU guarantee, to mobilise private sector investors to achieve a strong regional impact.' In April 2025, the EBRD disclosed plans to allocate €1bn in aid by 2025 to support Ukraine's war-affected energy sector and bolster the nation's energy resilience. "Renalfa receives €315m to boost renewable energy in Europe" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
The Independent
3 days ago
- Business
- The Independent
Montenegro tourism boost after securing 350 million euros for transport upgrade
Montenegro has secured 350 million euros from the European Bank for Reconstruction and Development and the European Union to enhance transport connectivity within the Balkan country and with the wider region, the EBRD said in a statement on Thursday. The EBRD will provide a loan of up to 200 million euros to finance the construction of the Matesevo Andrijevica section of the highway connecting the Adriatic port of Bar with the Serbian border, while the EU will contribute two investment grants totalling 150 million euros. Johann Sattler, the EU ambassador to Montenegro, said the grants represented the bloc's clear message of support towards Montenegro's efforts on its path to EU integration. The 22-km long stretch of highway passes through challenging terrain, and will connect Montenegro's underdeveloped north with the more economically active centre and south. The EU has already provided a 4.7 million euro grant for a feasibility study for the Bar-Boljare highway under the Western Balkans Investment Framework. The project constitutes an integral part of the Trans-European Transport Networks. "Modern and reliable transport infrastructure is essential for Montenegroí¢€™s economic development, especially in boosting tourism, trade, and regional integration," said Matteo Colangeli, EBRD Regional Director for Western Balkans. The EU's Sattler added that the bloc had provided more than 350 million euros in grants for transport projects in Montenegro in recent years. The EU launched accession talks with Montenegro in 2012 and since then 33 out of a total 35 chapters of negotiations - areas in which the candidate needs to emulate EU laws - have been opened and three provisionally completed.
Time of India
4 days ago
- Business
- Time of India
Montenegro secures €350 million from EBRD and EU for transport upgrade
350 million from the European Bank for Reconstruction and Development and the European Union to enhance transport connectivity within the Balkan country and with the wider region, the EBRD said in a statement on Thursday. Advt Montenegro has secured €The EBRD will provide a loan of up to €200 million to finance the construction of the Matesevo-Andrijevica section of the highway connecting the Adriatic port of Bar with the Serbian border, while the EU will contribute two investment grants totalling €150 Sattler, the EU ambassador to Montenegro, said the grants represented the bloc's clear message of support towards Montenegro's efforts on its path to EU 22-km long stretch of highway passes through challenging terrain, and will connect Montenegro's underdeveloped north with the more economically active centre and EU has already provided a €4.7 million grant for a feasibility study for the Bar-Boljare highway under the Western Balkans Investment Framework. The project constitutes an integral part of the Trans-European Transport Networks "Modern and reliable transport infrastructure is essential for Montenegro's economic development, especially in boosting tourism, trade, and regional integration," said Matteo Colangeli, EBRD Regional Director for Western EU's Sattler added that the bloc had provided more than €350 million in grants for transport projects in Montenegro in recent EU launched accession talks with Montenegro in 2012 and since then 33 out of a total 35 chapters of negotiations - areas in which the candidate needs to emulate EU laws - have been opened and three provisionally completed.
Irish Times
5 days ago
- Business
- Irish Times
Game-changing dyslexia screening tool tested in Irish schools
'Every year, thousands of children enter school with undetected literacy needs. Under today's system, it can take up to five years for a child to receive a diagnosis of dyslexia . By then, they have already struggled, disengaged, and fallen behind,' says Joe Fernandez, founder of Early Intervention Tools, which has created a screening method that picks up signs of early literacy problems in four- to six-year-olds. Fernandez says no teacher wants a child to struggle, but the logistics of the current dyslexia screening process – which is individual, manual and takes around 40 minutes per child – pose real challenges for schools. Parents can opt to have a child assessed privately, and an estimated 80 per cent of diagnoses are made this way. However, it costs around €900, which puts it beyond the reach of many families. 'We are ending the 'wait to fail' model in education and solving the early literacy problem by making risk visible earlier, action more timely and support more equitable,' says Fernandez, who understands what it's like to find education difficult because his own dyslexia went undiagnosed. That said, he did not let it stand in his way and has spent the past 20 years in education, publishing and digital innovation with previous start-up experience, a stint as commercial manager for digital solutions with educational resources company Folens, and five years as a senior industry adviser in edtech and publishing with the European Bank of Reconstruction and Development. Early Intervention Tools was established in mid-2023. The company is a Trinity College spin-out and came into being because the university wanted to see if the results of a research project carried out jointly with the Marino Institute of Education and Learnovate (the learning research innovation centre), had commercial potential. The project had produced some IP which Fernandez licensed, and the company then embarked on a development phase to build out and scale its technology stack. A group of schools signed up for an initial pilot and, having seen how the system could transform assessments that had taken days into hours, they quickly converted to paying customers. Since then, sign-ups have gathered momentum largely by word of mouth and through webinars. [ Dyslexia at second level: We need to do more to support students Opens in new window ] 'Teachers had chosen not to engage with the assessment process not because they didn't want to, but because they didn't have the bandwidth. It quickly became apparent that we had cracked the problem without adding to the teacher workload,' Fernandez says. 'The research had exposed a critical flaw in how early literacy and dyslexia risk are addressed. In short, too late, too manually and too inconsistently,' he adds. 'Our system, which is called Alpaca (Assessing Letter and Phonemic Awareness Class Assistant), was designed to fix this by using AI to capture difficulty signals at scale. Alpaca is not a test. It's an AI-enabled decision-support tool that is inclusive, universal and offers real-time diagnosis and intervention tracking.' In practice, Alpaca works like a normal screen-based game. Children (wearing headphones) play the game with Archie the alpaca without even knowing they're being assessed. Each child plays on their own. The system can screen six children in 20 minutes and provide an instant insight into their functional reading ability. The idea is that schools will use Alpaca to screen pupils three times a year in the first two years of their formal education. Dashboards show teachers what's working, for whom and where they need to intervene. 'What makes Alpaca different is not just its speed; it's the system it transforms while integrating seamlessly into existing classroom routines,' Fernandez says. 'Models analyse early learning data to flag children on a probable pathway to dyslexia, and longitudinal tracking enables schools to monitor growth, not just capture a snapshot. 'We provide parental and psychologist pathways to guide affordable, structured follow-up while teacher CPD [continuing professional development] in this area is automatically aligned to class needs and educators have hard evidence with which to inform educational policy.' Primary schools (internationally) are the company's sweet spot, and in 2023/2024 the system was used to screen 25,000 children in pilots in six countries. This year, the company is hoping to screen 30,000 junior and senior infants across Ireland. Alpaca is fully web-based and sold to schools on a SaaS basis. The system will travel with appropriate customisation for language, culture and curriculum and Ireland, Britain and the UAE are the markets most in the company's sights for now. Later this year, it will launch a funding round of €1.5 million to support key hires, new product development and trials in the UK and UAE. The company is also working on a stand-alone diagnostic and support B2C product for parents. It has taken around €500,000 to bring the company to its current stage of development between commercialisation funding from Enterprise Ireland, founder capital and grants. Support of various sorts for the venture has also been provided by Dublin Local Enterprise Office, NovaUCD, WestBIC and UCD's CeADAR centre for AI. 'Our vision is to be the trusted leader in early intervention, diagnosis and support for children with dyslexia, bridging the gap between early identification and formal diagnosis,' Fernandez says. 'By 2028, we aim to screen one million children worldwide each year, powering smarter schools, supporting better-trained teachers and giving families earlier answers, faster action and more hope. We are building a world where no child waits to fail, no parent fights for help, teachers lead with insight, not intuition, and policy is built on data, not delay.'
Yahoo
6 days ago
- Business
- Yahoo
Polish insurtech company Trasti garners funding from EBRD
Polish insurtech company Trasti has secured a 88.1m zlotys ($24.3m) investment from the European Bank for Reconstruction and Development (EBRD), in conjunction with the Triglav Group. The capital will support Trasti's expansion plans to enhance its digital insurance offerings, focusing on motor insurance policies linked to Triglav and aimed at improving its reach in the property and casualty segments and technological capabilities. Trasti CEO Janusz Wojtas said: 'Trasti is a modern, future-ready, digital insurer that, thanks to the technology and know-how of its team, is able to create local products based on universal processes – real improvements to the customer experience. 'The investment of the EBRD and Triglav is not only financial support for us but also proof that our model works and works. We will use the funds raised for further bold innovations and questioning the usual patterns." Trasti also plans to elevate its corporate governance standards by implementing the IFRS accounting standards and refine its reporting framework to align with international norms. EBRD private equity co-head Tamas Nagy stated: 'Trasti is a prime example of a high-potential, tech-oriented company that we want to invest in Poland. 'We are pleased to have been able to bring in an experienced international investor like Triglav on board through this transaction and are confident that our partnership will enable Trasti to mature into a market leader.' The EBRD has invested €16bn ($18.77bn) in 560 projects in Poland since 1991. In December, the EBRD and Aon established a €110m facility aimed at aiding Ukraine's economic recovery in the face of conflict. "Polish insurtech company Trasti garners funding from EBRD " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
