Virya Renewables Poland Equity

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

An equity investment of up to EUR 85 million alongside majority investor Virya Energy NV, a Belgium-based renewable energy company, to acquire a minority stake in Virya Renewables Poland NV ("NewCo"), a newly established renewable energy platform focused on investments in Poland.

Project ID 56036

Status Signed

Location

Poland

Business Sector

Energy

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Pieter Marinus
info@virya-energy.com
+32 2 352 89 59
www.virya-energy.com
Villalaan 96, 1500 Halle, Belgium

Project ID 56036

Status Signed

Location

Poland

Business Sector

Energy

Notice Type

Private

Approval Date

03 Dec 2025

Disclosure date

17 Feb 2026

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

Project Objectives

The investment will finance the acquisition of project rights currently held by Optima Wind sp. z o.o. and Windlight sp. z o.o., as well as the subsequent development, construction, and operation of renewable energy projects in Poland, including an up to 722 MW utility-scale solar PV project ("the Project").

Transition Impact

ETI score: 68

The Project will contribute to the Green and Well-Governed Transition Impact qualities, as the NewCo will be developing renewable energy assets and will strengthen its corporate governance profile in line with the overall development of the NewCo. In addition, the Project will support improvements to the NewCo's supply chain and cybersecurity management.

Client Information

VIRYA RENEWABLES POLAND NV

Virya Renewables Poland NV is a newly established company in Belgium for the purpose of the acquisition of project rights, development and construction of renewable energy projects in Poland.

Virya Energy NV is an internationally operating energy company active in the development, financing, construction, and operation of renewable energy projects. Virya operates 0.7GW of renewable capacity and targets at least 4.3 GW of installed RES capacity globally by 2034. Virya's shareholders are Colruyt Group (30%) and Korys (70%), the Colruyt family office with approx. EUR 5bn assets under management.

Optima Wind Sp. z o.o. is a privately owned Polish renewable energy developer, founded and fully owned by Jean-Claude Moustacakis and Izabela Olendska-Moustacakis, with a 17-year track record in the development, financing, and construction of approximetly 150MW onshore wind projects. Optima Wind manages a portfolio over 3 GW of PV, Wind and BESS projects.

EBRD Finance Summary

EUR 85 million

Additionality

EBRD's financing is essential for the Project due to limited availability of local equity funding. In addition, EBRD plays a key role in enhancing of the NewCo's environmental, social, and governance standards, including implementing the Corporate Governance Action Plan, implementation of a robust Supply Chain Management System in line with the EBRD Management Approach to Solar PV Supply Chain Risk Management, and enhanced cybersecurity measures in compliance with the EBRD Management Approach to Cybersecurity.

Environmental and Social Summary

Category B (ESP 2024) due to moderate, site-specific environmental and social impacts that can be readily mitigated through established measures and actions. The minority equity investment will support the development of the NewCo's renewable energy portfolio across Poland. The Bank's use of proceeds is directed towards the portfolio of advanced-stage pipeline, with a focus on the development of greenfield solar power plants in Poland. Environmental and Social Due Diligence (ESDD) was conducted by an independent consultant and included site visits, document reviews, and stakeholder consultations. The ESDD encompassed both advanced- and early-stage project pipelines within the portfolio. The ESDD confirmed that all necessary permits and approvals are in place, and that the Project is structured to comply with Polish, EU and EBRD requirements. The advanced stage projects are sited on arable land secured through long-term lease agreements, with no physical or economic displacement required. Projects are across different locations, no cluster is above 400 MW, and none trigger A category. The plants will be connected to substations via new 110 kV high-voltage power lines, with the longest line being approx. 38 km, including a 1.7 km section at 400 kV. All power lines have been confirmed to be underground with limited E&S impacts. Public participation was facilitated through local announcements and information boards. Environmental impacts are primarily associated with construction-phase activities, such as earthworks, increased traffic, and material transport, resulting in noise and air emissions. The sites for advanced projects are located outside significant protected areas, with some bordering Natura 2000 zones and ecological corridors. Still, assessments concluded that no adverse effects on biodiversity or nature conservation values were identified. Mitigation measures include wildlife-friendly fencing, timing works outside sensitive seasons, the use of anti-reflective modules, and the preservation of ecological corridors. The main operational impact is associated with visual effects, which can be mitigated by planting bushes around the sites.

NewCo is required to develop and implement both a Code of Conduct and a Supplier Code of Conduct within one year following the Closing.

In addition to the advanced stage projects, the portfolio includes several early-stage projects - each at varying stages of development and permitting, and final configuration locations yet to be confirmed. The early-stage portfolio consists predominantly of small-scale solar power plants, each with a capacity of 100 MW or less. Two small wind farms with capacities below 100MW each are at the concept stage, with the exact locations and configurations yet to be determined. The early-stage projects have been subject to preliminary environmental and social assessment, and the initial site review confirmed their location, which, where available, is on land of low agricultural value and outside densely populated or ecologically sensitive areas. Land has been secured through voluntary long-term leases and easements. The ESDD highlighted that none of the pipeline projects require physical or economic displacement, and potential negative social impacts, such as a reduction in agricultural land, are offset by lease payments to landowners. For these early-stage sites, environmental consent decisions and public participation procedures have been initiated or are planned, with the same rigorous approach to stakeholder engagement and compliance as the advanced projects. The early-stage projects are expected to follow the same compliance trajectory as the advanced projects, with future updates to the ESAP and management systems as permitting and development progress. The ESAP includes NewCo's commitment to develop a formal Environmental and Social Management System, enhance supply chain due diligence, implement grievance mechanisms, and maintain transparent stakeholder engagement through public disclosure.

The NewCo's sustainability reporting, which will be covered in Virya Energy's reporting, will comply with the CSRD/Omnibus regulations where applicable, or follow peer market practices otherwise. If mandatory reporting no longer applies, the NewCo has committed to follow the EU voluntary VSME framework established by EFRAG as per the agreed ESAP. Annual reporting to EBRD will cover environmental status, grievances, and performance indicators, ensuring ongoing compliance and continuous improvement.

Green assessments

The Project is aligned with the mitigation goals of the Paris Agreement, as it appears on the joint-MDB aligned list under the category "Generation of renewable energy from solar, wind, wave power, runiofitheiriver hydro, or geothermal with negligible lifecycle GHG emissions." It is also consistent with the EU Taxonomy Substantial Contribution criteria and supports the objectives outlined in Poland's Nationally Determined Contribution. The Project is expected to generate approximately 666.08 GWh of renewable electricity annually, resulting in an estimated 477,581 tonnes of CO2 emissions avoided each year.

The Project is likewise aligned with the adaptation goals of the Paris Agreement, as no materially significant physical climate risks have been identified, and it does not conflict with national adaptation policies or the broader climate resilience considerations of the surrounding system.iresilience considerations of the surrounding system.

Technical Cooperation and Grant Financing

N/a

Company Contact Information

Pieter Marinus
info@virya-energy.com
+32 2 352 89 59
www.virya-energy.com
Villalaan 96, 1500 Halle, Belgium

PSD Last Updated

17 Feb 2026

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

Our story

How we deliver systemic impact

What we offer for businesses

Search

Virya Renewables Poland Equity

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Additionality

Green assessments

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)