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|Business sector:||Power and energy|
|Board date:||17 Oct 2012|
|PSD disclosed:||13 Sept 2012|
The EBRD is considering providing a senior loan to finance the construction and operation of a 52.9 MW Kukinia wind farm located in northern Poland (the “Project”). The loan is to be made available to Aeolus Sp. z o.o. (the “Borrower”), a special purpose company owning 100% interest in the Project. The Borrower is indirectly owned by RP Global Holding S.L. (“RP Global”) and the 2020 European Fund for Energy, Climate Change and Infrastructure (“Fund Marguerite“), (together the “Shareholders” or the “Sponsors”).
In addition to the fully developed Kukinia wind farm, the Borrower is expected to own a 50MW operational wind farm in Tychowo, northern Poland. The Borrower’s intention is to consolidate financing for both wind assets, and therefore the refinancing of the Tychowo wind farm by commercial co-lender constitutes part of the Project financing package.
The Project’s transition impact stems from three factors:
(i) the demonstration effect of new replicable behaviour and activities, setting standards for business conduct and expansion of a competitive market, by establishing the commercial viability of renewable energy project financing exposed to market price risk, despite the uncertainty around expected changes to Poland’s renewable energy law;
(ii) the demonstration effect of the bankability of wind farm off-take arrangements with energy traders, which will contribute towards increasing liquidity of the secondary market for green certificate and energy, and (iii) expansion of renewable energy sector in Poland, through supporting the involvement of long-term financial investor, which demonstrates that renewable energy projects could constitute a viable equity investment option for financial investors with long term investment horizon and a relatively conservative risk approach.
RP Global, an independent renewable energy producer incorporated in Spain, and the 2020 European Fund for Energy, Climate Change and Infrastructure (the "Fund Marguerite"), a pan-European infrastructure fund targeting greenfield infrastructure projects in transport, conventional energy and renewables.
Provision of a non-recourse long-term financing denominated in Polish Zloty, in the amount of up to PLN 285 million (EUR 64.7 million equivalent) and representing up to 50% of the total senior debt financing. Another commercial bank would provide the remaining part of debt financing, that will includes refinancing of the existing Tychowo wind farm loan.
EBRD would also participate in the interest rate and foreign exchange hedging as necessary for the Project.
Up to approx. PLN 826 million (EUR 190 million).
Category B. Environmental and social issues associated with the construction of a medium sized wind farm in Kukina and the refinancing of an existing medium sized wind farm in Tychowo, can be readily assessed and mitigated as part of the Bank’s Environmental and Social Due Diligence (ESDD).
The Bank retained an independent consultant to undertake an Environmental and Social Diligence (ESDD) of the project. The ESDD confirmed that the Company has the institutional capacity to fully implement the Bank’s Performance Requirements (PRs) and that both wind farms are in compliance with Polish environmental laws and regulations.
The Kukinia wind farm is being developed in an area already populated with existing wind farms and away from sensitive areas and habitats. The wind farm has been subject to a Polish EIA process and is fully permitted. However, three turbines will be located within a Natura 2000 Habitat area (Dorzecze Parsety), established after the initial permits were granted for the wind farm in 2008. This Natura 2000 area was designated to protect species of otter, toad and beetles. The ESDD confirmed that this area is agricultural and not sensitive with respect to ornithology. Additional studies were undertaken as part of the ESDD in accordance to article 6 under the Habitats Directive. These studies have confirmed that the wind farm will not have a material impact on local flora or fauna and that the turbines can be located in this area. Due to the topography, the turbine will not affect the hydrogeology of the protected area. The ESDD also identified that at the time of the initial permitting, there was limited guidance and/or best practice in Poland with respect to bird and bat assessments. Consequently, the 2008 EIA did not fully assess the impacts of the Project on local bat and bird populations. The ESDD, in accordance with PR 6 under EBRD’s Environmental and Social Policy, included additional field surveys to fully establish the flora and fauna baseline, and thereby enable an appropriate biodiversity assessment, and as required, develop additional mitigation measures and future monitoring plans. This assessment confirmed that the wind turbines in Kukina will have limited impact on birds and bats and that turbine operational management measures can further reduce impacts and therefore risk to bird and bat species. The Company has agreed to implement an active turbine management systems as part of the planned turbine management plan. This will include, among others, reducing the speed of turbines and/or individual turbine switch-off under specified meteorological conditions that could increase the risk of collision or other impact.
As part of the ESDD, an additional Stakeholder Engagement Programme (SEP) has been developed by the Company as well as Non-Technical Summary (NTS) in English (2MB - PDF) and Polish (4MB - PDF) and ESAP for the Kukinia wind farm. An NTS was developed for Tychowo in the 2009 and does not need to be updated. The NTS and SEP in Polish and English can be obtained here.
The Bank will monitor the implementation of the Project.
For financial and project matters:
Mr. Tomasz Zelek, Country Manager
Tel: +48 91 43 22 591
For business opportunities or procurement, contact the client company.
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
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Text of the PIP
The EBRD has established the Project Complaint Mechanism (PCM) to provide an opportunity for an independent review of complaints from one or more individuals or from organisations concerning projects financed by the Bank which are alleged to have caused, or likely to cause, harm. The Rules of Procedure governing the PCM can be found at www.ebrd.com/downloads/integrity/pcmrules.pdf, the Russian version can be accessed at http://www.ebrd.com/downloads/integrity/pcmrulesr.pdf
Any complaint under the PCM must be filed no later than 12 months after the last distribution of EBRD funds. You may contact the PCM officer (at firstname.lastname@example.org) or the relevant EBRD Resident Office for assistance if you are uncertain as to the period within which a complaint must be filed.
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Last updated 11 October 2012