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|Business sector:||Power and energy|
|Target Board date:||11 June 2013|
|PSD disclosed:||18 Feb 2013|
The EBRD is considering providing a loan of up to PLN 800 million to the Polish electricity utility ENERGA (the “Company”) along with the European Investment Bank. The debt financing will support the PLN 5.2 billion investment programme (the “Project”) of Company’s distribution business, ENERGA Operator, in the period 2012-2015.
The investment programme will implement smart grid solutions, strengthen the distribution network of ENERGA Operator (“DSO”), allowing for substantial energy efficiency improvements, and will enable the distribution grid to connect new renewable energy producers.
The transaction is the Bank’s second operation with ENERGA.
The extensive Investment Programme upgrading ENERGA’s distribution network will not only lead to significant improvements in the network reliability and efficiency but will also implement smart grid solutions. Additionally the implementation of intelligent bi-directional metering systems Advanced Metering Infrastructure (“AMI”) will act as a first step towards optimisation of the DSOs operations and demand side management solutions.
ENERGA’s Smart Grid Strategy, aims at 100% deployment of smart meters in the region of its operations which will help Poland meet the EU requirement of 80% of country coverage by 2020. This in turn will send a strong demonstration signal, that smart grid investments in the electricity distribution sector are viable investment strategy in Poland, leading to significant energy efficiency improvements.
In total, in the years 2012-2015, ENERGA plans to connect ca. 434 MW of new renewable energy sources. This is intended to have a positive effect on the expansion of the renewable energy market by increasing grid connection capacity.
ENERGA is one of the four large Polish vertically-integrated energy groups, with its operations concentrated in North-Central Poland.
ENERGA is incorporated under the Polish Law, headquartered in Gdańsk and is 84.18% owned by the Polish State Treasury.
ENERGA Operator is the distribution system operator and a 99.75% owned subsidiary of ENERGA.
Maximum of PLN 800 million senior unsecured long-term (up to 15 years) corporate loan to ENERGA, to finance the investment programme of ENERGA Operator. EBRD financing is expected to be partly syndicated.
ENERGA is also in discussions with the European Investment Bank on potential parallel financing for the Project.
PLN 5.2 billion (EUR 1.2 billion)./p>
Category B. An initial environmental and social examination (IESE), confirmed that the Project, a multi-site operation seeking EBRD general corporate finance, requires a corporate audit. Overall, The financing of the upgrade and modernization of electricity distribution lines installation of smart meters is associated with a number of environmental and social issues that can be readily assessed as part of an environmental and social due diligence (ESDD). The Bank has provided financing to the Company in the past (DTM 40784) and developed a corporate ESAP as part of this financing. The Current ESDD has reviewed, among others, the status of implementation of this existing corporate ESAP.
The Bank’s environmental and social due diligence (ESDD) included a review of ENERGA's management system and capacity to implement the Bank's Performance Requirements throughout its operations. The ESDD confirmed that the Bank funded project will not have significant environmental impacts and is compliant with EU environmental standards and the Bank's PRs. The Company is fully implementing the agreed in 2010 ESAP, and has significantly strengthened its corporate EHS management systems. In 2012 the Company published its first Corporate Social Report (CSR) as agreed under the ESAP.
The existing ESAP has been updated based on the ESDD.
Some of the planned sub-projects under the investment programme will need to undergo an Environmental Impact Assessment (EIA) under Polish law, prior to final approval of the construction permits, but not according to EBRD’s Environmental and Social Policy (ESP) requirements (i.e. none would fall under Appendix 1 of the ESP). The EIA is required, among others, due to the change in the electromagnetic field on the line by increasing capacity. The ESDD reviewed the investment programme and confirmed that none of the projects would be associated with sensitive areas. As part of implementing the ESAP and SEP the Company published Non Technical Summaries of EIA for new projects, which can be found on ENERGA Operator website under the following link:
The ESDD has also shown that the Company has a good EHS management system, as well as HR Policies.
Expected implementation requirements
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Last updated 18 February 2013