Translated version of this PSD: Polish
Project Description
Transition Impact
The Project’s transition impact stems from three factors: (i) the demonstration effect of new replicable behaviour and activities by helping to build the medium scale wind farm in Poland on a fully merchant basis. The EBRD involvement will also signal confidence and bankability of such projects in light of the revised regulatory framework for renewable energy in Poland, (ii) setting standards for corporate governance and business conduct, through promoting progress towards meeting the EU’s green energy targets and the use of best environmental practices; and (iii) expansion of a competitive market, through a market based approach to the sale of electricity and green certificates, and therefore contributing to increased liquidity and transparency of the Polish energy market.
The Client
“Grupa PEP – Farma Wiatrowa Mycielin Sp. z o.o.”, private limited liability partnership, is a special purpose company incorporated in Poland and fully owned by Polenergia S.A., a leading local renewable energy player, focusing on generation (including both renewable and conventional generation), distribution and trading of electricity. Polenergia S.A. is listed on the Warsaw Stock Exchange and is approx. 65.6% owned by Kulczyk Investments Group.
Polenergia S.A. was created through the merger between Polish Energy Partners S.A. and Polenergia Group that took place in September 2014.
“Grupa PEP – Farma Wiatrowa Mycielin Sp. z o.o.”, private limited liability partnership, is a special purpose company incorporated in Poland and fully owned by Polenergia S.A., a leading local renewable energy player, focusing on generation (including both renewable and conventional generation), distribution and trading of electricity. Polenergia S.A. is listed on the Warsaw Stock Exchange and is approx. 65.6% owned by Kulczyk Investments Group.
Polenergia S.A. was created through the merger between Polish Energy Partners S.A. and Polenergia Group that took place in September 2014.
EBRD Finance
Provision of a limited-recourse long-term financing denominated in Polish Zloty, in the amount of up to PLN 125 million (EUR 31 million equivalent) representing up to 34% of total Project cost. The remaining funding for the Project is expected to be provided by commercial banks and the Sponsor.
Project Cost
Approx. PLN 368 million (EUR 91 million, excl. VAT).
Environmental Impact
Environmental classification and rationale
Category B. The project was initially category A, as it included in the portfolio a large wind farm located in a sensitive area. A fit for purpose Environmental and Social Impact Assessment (ESIA) has been undertaken and disclosed by Polenergia in accordance with Polish legislation as well as exiting ESAP agreed with the Company. This can be found on the Company web site. This wind farm has now been excluded from the Bank’s financing.
The remaining three smaller wind farms (48MW Mycielin wind farm, 12MW Pieklo and 40MW Grabowo ), which are located in different areas of Poland, have been subject to an independent Environmental and Social Due Diligence (ESDD).
The Bank has a long standing experience with Polenergia S.A. (formerly Polish Energy Partners S.A.), which has developed a robust EHS management system based on the Bank’s Performance Requirements. The Bank’s ESDD has confirmed that the Company has the institutional capacity to fully implement the Banks Performance Requirements, and to date has been providing good annual reporting on previously financed Projects by the Bank.
Due diligence undertaken and outcomes
An independent consultant has been retained to undertake an ESDD of all wind farms and gap analysis of the Polish EIA’s in terms of complying with National, EU and the Bank’s Performance Requirements.
The ESDD confirmed that that the Bank financed Project is category B and each wind farm complies with Polish and EU environmental legislation and appropriate EIA has been undertaken. Each wind farm has been structured to comply with the Bank’s Performance Requirements and none of the wind farm projects are located near or within Natura 2000 areas. The ESDD also confirmed that the turbines are not located within 400m of residential areas. The Polish Competent Authorities have given appropriate development consents in accordance with National legislation.
The Company has undertaken stakeholder engagement as well as disclosed Non Technical Summaries (NTS) on each wind farm to enable meaningful public consultation in accordance with the Bank’s Performance Requirement 10. No major issue have been raised as part of the public consultation, which were undertaken during the time of local elections in November 2014.
The NTS, SEP and ESAP for each wind farm is available in English and Polish on the Company web site. Links are provided below.
An Environmental and Social Action Plan (ESAP) has been developed to ensure best practice and the Bank’s PRs are fully implemented. This includes for instance construction and post construction bird and bat monitoring as well as ongoing stakeholder engagement.
The Bank will continue to monitor the project implementation.
The Bank’s financing relates to 48MW Mycielin wind farm.
There is an Environmental and Social Impact Assessment available for this project.
Technical Cooperation
None.
Company Contact
For project and financial matters Mr Michal Kozlowski (Michal.Kozlowski@polenergia.pl), Polenergia S.A., Tel: +48 22 390 81 00
Business opportunities
For business opportunities or procurement, contact the client company.
For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com
General enquiries
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com
Public Information Policy (PIP)
The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP
