Updates on the European Investment Bank

Independent analysis questions economic viability of TES 6

Ljubljana – An independent analysis commissioned by Bankwatch and Focus published today reveals a number of unsubstantiated claims and methodological mistakes in the investment plan for the TEŠ 6 lignite plant in Slovenia. Correct calculations show that the internal rate of return is in reality lower than estimated by the project promoter, state-owned TEŠ. Had the rate of return been calculated properly, the project would not have qualified for the EIB loan of 440 million euros it is set to receive.

A critical examination of the investment proposals for Unit 6 of the Sostanj power plant

Four investment plans have been produced for the Sostanj lignite fired power plant in Slovenia with many differences in calculations and outcomes. This review of the latest investment plan illustrates a number of shortcomings including both methodological mistakes and unsubstantiated claims.

European public banks must disengage with Egypt’s military junta

In light of the violence against civilians on the streets of Egypt today, CEE Bankwatch Network is requesting that the European Investment Bank and the European Bank for Reconstruction and Development immediately cease discussions and negotiations with the Egyptian government and authorities on all levels about potential financial involvement in the country until the Supreme Council of the Armed Forces (SCAF) cedes power to civilian leaders, the country has a legitimately-elected civilian government in control of the army, and military trials come to an end.

Sostanj power plant in Slovenia: Against EU laws and policies

The project is a plan to construct a sixth unit at the Sostanj lignite-fired power plant in Slovenia. It has received significant backing from European public banks adding up to more than 50% of the overall costs of the investment. Doubts about the economic viability of the project, alleged irregularities in the tendering procedure and its climate impact caused strong opposition to the project within Slovenia. A recent study conducted by an independent consultant as well as two complaints submitted to the European Commission by NGOs bring new arguments against TES 6.

The recap on recapitalisation

As the eurozone crisis continues to unfold, lending from international financial institutions to the banking sector must be held to the task of supporting the most vulnerable – especially the SMEs in CEE – or it will continue to perform largely unsuccessful and unchecked as it has during the crisis to date.

Complaint to European Commission: Public procurement procedure for the Sostanj lignite power plant

The art of sustainability is not to finance coal

Upset by Slovenia’s plans to build a huge lignite power plant unit in Sostanj, Slovenian artist Marko Kumer-Murc and Slovene environmentalists from Focus brought their protest to Brussels. Our media officer was on sight and brought back a few images.

Story of an artists. Leaflet against EU support for the Sostanj lignite power plant in Slovenia

Upset by Slovenia’s plans to build a huge lignite power plant unit in Sostanj, Slovenian artist Marko Kumer-Murc and Slovene environmentalists from Focus brought their protest to Brussels. The leaflet tells Marko’s story and offers a quick round-up of Sostanj and other coal power plants that are supported by international financial institutions.

Art installation at Berlaymont denounces banking on coal

Brussels – With an art installation that symbolizes EU citizens locked in a polluted environment, the Slovenian artist Marko Kumer Murč and Slovene environmentalists from Focus protest against European public and private banks pouring hundreds of millions of euros into a new lignite plant in their country, at Sostanj. Many Slovenians oppose this project and the Slovenian parliament has just refused to support a state guarantee for the banks’ loans. The action is supported by the international NGOs Banktrack and CEE Bankwatch Network, which are campaigning against the project.

There is a light at the end of the EIB tunnel

The European Investment Bank finally invited for a dialogue with civil society organisations. It might be a little ambitious to say that true dialogue happened there, but certainly the NGOs were able to send a couple of strong messages to the EIB Board, and, for a while, it felt like the Board was listening.