Project summary document

Project description
and objectives:

The construction and operation of the 50MW Tychowo windfarm, located approximately 350km north-west of Warsaw, and close to the Baltic Sea shore. The project is to contribute to the development of renewable energy in Poland and substantially increase the Polish wind generation capacity that currently totals approx. 230MW.

Transition impact:

The project transition impact will derive from the following key areas:

• The expected improvement in the green certificate market efficiency through increasing the depth and liquidity in the market.
  
  
• Demonstration of a new financing option, i.e. availability of “merchant” windfarm financing, which does not require security of a long term off-take contracts for green certificates.
  
  
• Setting standard for environmental review of windfarm projects in Poland, through the requirement for the project to follow best practice in Environmental Impact Assessment and public disclosure.

The client:

Global Renewable Power International (“Global RPI”), the Sponsor of the Tychowo Windfarm project is the company co-owned by Minicentrales S.A. of Spain and Hydrocontracting GmbH of Austria, together, the international hydro and windfarm project developers and promoters. Global RPI is an active developer of the windfarm projects in Poland (in close cooperation with Polish developer Windpol), Croatia and Chile. The company has proven capabilities in green-field development, construction, operation and maintenance of renewable energy generating assets.

EBRD finance:

EBRD is to provide up to EUR 30 million long-term debt financing package, consisting of senior and subordinated tranches.

Total project cost:

Confidential.

Environmental impact:

Screening category and justification

Following an Initial Environmental Examination (IEE), the project was screened as B/0. The construction and operation of a wind farm can be associated with a number of environmental and social issues that can be readily assessed as part of an environmental due diligence. The IEE and studies undertaken as part of the planning and building permits applications (including a Polish EIA and a one year bird survey) concluded that the project is not located in a sensitive environmental setting, therefore does not fall under Annex 1 of the Bank's Environmental Policy (2003) requirements.

Due diligence undertaken and outcomes

An environmental due diligence was undertaken of the Project by an independent international consultant, inclusive of site visit's and meetings with the local regulators, the developer and their technical and environmental advisors. The due diligence confirmed that the project location is not in a sensitive location and will not cause significant negative impacts to any Nartura 2000 sites or avifauna. The Sponsor has undertaken an Environmental Impact Assessment (EIA) as required by Polish environmental law and obtained relevant construction permits. The EIA has been undertaken in accordance to the Polish transposition of the EU EIA Directive, as amended. As part of the baseline assessment a year long bird survey was undertaken of the site and the EIA was subject to Polish public consultation requirements. The EIA process and scope of assessments was reviewed during the due diligence and deemed to meet the Bank's B level requirements. As part of the EIA process the developer has been required to reduce the number of wind turbines to 20 and specific bird monitoring requirements have been required by the local authorities. The monitoring will be undertaken over a 3 year period and includes both Annex 1 list of the Bird Directive, as well as local bat populations. Results are to be provided to the regulators on a six monthly basis.

A non technical summary (NTS) of the local Environmental Impact Assessment (EIA) can be obtained in English  (4.2Mb) (Non Technical Summary) and in Polish  (4.3Mb) (Streszczenie Nie Techniczne Raportu Oddziaływania na Środowisko).

A non technical summary is aso availbale on the Company web site (www.windpol.com)

Implementation requirements

The project company

(i) will be required to provide the Bank with an annual environmental report, including updates on the bird monitoring undertaken, and notification on any material accidents or incidents,

(ii) will conduct its business with due regard to National and EU environmental regulations and standards, and

(iii) will arrange for periodic environmental audits and monitoring visits by Bank staff or appointed representatives, if and when deemed necessary.

Technical
cooperation:

None.

For consultant opportunities for projects financed by technical cooperation funds, visit procurement of consultants.

Company contact:

Mr. Gerhard Matzinger
Hydrocontarcting Group
Reisnerstraße 5/3/II
A-1030 Vienna, Austria

Tel: +43 1 7102118
Fax: +43 1 7102116

E-mail: matzinger@hydrocontractiong.at

Mr. Krzysztof Piotrowiak
Gigawatt Development Sp. z o. o.
Al. Wojska Polskiego 70
70-479 Szczecin

Tel:+48 914847582
Fax:+48 914841342

E-mail: krzysztof.piotrowiak@windpol.eu

EBRD contact:

Grzegorz Zielinski, Operation Leader: zielinsg@ebrd.com

Business opportunities:

For business opportunities or procurement, contact the client company.

General enquiries:

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com