Project number:


Business sector:

Municipal and environmental infrastructure

Notice type:


Environmental category:


Approval date:

07 Dec 2004



PSD disclosed:

12 Nov 2004

Project Description

Up to PLN 160 million equity investment in Dalkia Polska S.A. to finance the acquisition of ZEC Lodz, a district heating and cogeneration utility producing and distributing heating services in the City of Lodz. The capital increase is a co-investment with Dalkia International, the French utility operator.

Transition Impact

ZEC Lodz, the Company to be privatised, is one of the largest Cogeneration facilities in Poland and as such the conclusion of this competitive privatisation process will be a key achievement for the Polish Treasury in seeking to attract private enterprise to the sector. EBRD’s participation alongside Dalkia will support energy efficiency improvements and a major investment program to improve the operation’s environmental standards. The possibility of a future listing of Dalkia Polska on the Warsaw Stock Exchange offers the potential to significantly deepen the market and to address the shortage of utility stocks.

The Client

Dalkia Polska, owned by Dalkia International, EBRD and ZIS, is the Holding Company of a series of municipal heating/cogeneration and distribution assets in Poland. The acquisition target to be privatised, ZEC Lodz, is a combined district heating and cogeneration facility consisting of three operating cogeneration plants and a piping network from the plant to end users in the city of Lodz, Poland.

EBRD Finance

Up to PLN 160 million equity investment via a capital increase of Dalkia Polska.

Project Cost

Confidential. Acquisition price negotiations ongoing.

Environmental Impact

C/1 screened project. An Environmental Action Plan is being developed by Dalkia Polska to address environmental issues including emissions of NOx , SOx , CO , and dust as well as carbon dioxide and benzopyrene. A major capex program is planned to be implemented in order to improve emissions:
  • Modernisation or replacement of dusters on boilers
  • Construction of a desulphurization unit
  • Installation of low NOx burners
  • Modernisation of combustion installations to permit use of lower sulphur content fuel
The Bank will review this programme and amend PSD accordingly prior to submission of the project for management review.

Technical Cooperation


Company Contact

Thierry Aveline de Rossignol
E-mail: tavelinederossignol@dalkia.com 
web-site: www.dalkia.com/poland

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

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Text of the PIP

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