Beo Čista Energija Ltd. (BCE), a joint venture of ITOCHU Corporation, Veolia Group and Marguerite Fund, has won the European Bank for Reconstruction and Development’s (EBRD) award for Outstanding Environmental & Social Safeguards Implementation for the Belgrade Solid Waste Public-Private Partnership (PPP) Project.
The award was presented at the EBRD Annual Meeting 2026 in Riga, Latvia. Mrs. Maya Hennerkes, EBRD’s Managing Director for Environment and Sustainability, recognized the Belgrade PPP for its sharp focus on delivering high environmental, social and governance (ESG) standards alongside measurable impact. She highlighted the project’s pioneering nature, noting that it introduced – for the first time in the country – an integrated waste management system incorporating the rehabilitation and closure of existing unsanitary landfill sites.
“This project is an outstanding example of how innovative structuring and strong stakeholder commitment can overcome complex environmental and social challenges,” Mrs. Hennerkes said. “It has delivered exceptional results and set a new benchmark for the sector.”
The award was accepted on behalf of Beo Čista Energija and its sponsors by Mr. Mitsuaki Harada, Managing Director of I-Environment Investments Middle East Ltd. and Deputy Managing Director of I-Environment Investments Ltd. (a 100% subsidiary of ITOCHU Corporation and direct shareholder of BCE), together with Vladimir Milovanović, Managing Director of Beo Čista Energija.
In his acceptance speech, Mr. Harada reflected on the long‑term commitment behind the project:
“On behalf of all partners, I join Vladimir Milovanović in saying that we are truly honored to accept this Sustainability and Impact Award. This recognition is especially meaningful to me personally. I have been involved in this project for nearly ten years – including eight years working closely with teams in London and Serbia. What began as an ambitious vision has become a reality that is transforming the city’s environmental future.”
Mr. Harada outlined the project’s concrete achievements:
- It addresses one of Serbia’s most pressing environmental challenges – sustainable waste management.
- It now generates clean energy for 10 percent of households in Belgrade.
- It has achieved the first voluntary carbon credits of its kind, creating a new benchmark for environmental value creation.
“This success did not come easily. Developing the regulatory framework, structuring the PPP, securing financing, and delivering such a complex project required years of dedication and perseverance. We faced many challenges along the way, but through strong collaboration and shared commitment, we were able to turn those challenges into opportunities.”
He extended sincere gratitude to the City of Belgrade, the Government of Serbia, the EBRD, other international financial institutions, lenders, consortium partners, advisers, and all who contributed to making the project possible.
“This award is not only a recognition of what has been achieved in Belgrade. It demonstrates what can be accomplished when governments, international institutions, and the private sector work together toward a common goal. I hope this project will serve as a showcase and a model for other cities around the world. We at ITOCHU, together with our partners, look forward to bringing the lessons from Belgrade to many more communities.
BCE and the project sponsors remain committed to addressing waste management challenges in Serbia and advancing environmental sustainability through continued collaboration.
