Enefit Green



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

18 Sep 2019



PSD disclosed:

14 Apr 2020

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

Provision of a PLN 40 million (c. EUR 9 million) senior unsecured loan to Enefit Green AS, the renewable arm of Estonia's state-owned utility company Eesti Energia, in order to support its entry to the Polish market through the financing of the acquisition of 20 small scale greenfield solar plants totalling up to 19.2 MW upon completion, thus indirectly refinancing their construction.

Project Objectives

Support the construction of new solar projects in Poland, whose solar sector is still at an early stage of development and the entry of a new player in the Polish renewable energy market.

Transition Impact

ETI score: 61

The project will target the "Green" transition quality by indirectly supporting the construction of up to 19.2 MW of newly built solar plant capacity and the "Integrated" transition quality by supporting the entrance in the Polish energy market of a growing Estonian renewable energy player.

Client Information


Enefit Green AS (100% owned by Eesti Energia AS)

Eesti Energia started its operations in the renewables sector in 2002 and established Enefit Green in 2016 as its dedicated renewables subsidiary. Enefit Green has been growing rapidly and is now a leading renewable player in the Baltic states with 447 MW of installed electrical capacity and 83 MW of thermal capacity.

EBRD Finance Summary

PLN 40,000,000.00

PLN 40,000,000.00

Total Project Cost

PLN 74,200,000.00

PLN 74,200,000.00

Environmental and Social Summary

Categorised B (2014 ESP). The Company owns, operates, develops and acquires renewable energy assets. The loan proceeds will be used for financing the acquisition of 20 small size solar power plants in Poland. The ESDD was undertaken by the Bank's environmental and social specialists, and it included a review of the Bank's ESDD Questionnaire completed by the Company and supporting documentation, discussions with the relevant representatives of the Company's management as well as site visits to selected renewable energy plants owned and operated by the Company, including a small hydropower plant, a medium size wind farm, a small solar energy plant and a waste-to-energy plant. The ESDD focused on the Company's pre-acquisition due diligence for the solar plants in Poland to be acquired, and it also reviewed the Company's sustainability strategy, policies and procedures as well as environmental, social management systems and capacity.


The ESDD showed that the Company has a proactive corporate sustainability strategy, encompassing its environment social performance, human resources management, health and safety, biodiversity, socio-economic impacts and community relations and that it has a strong commitment to implementing sustainable practices throughout its operations. The ESDD concluded that the Company is currently in compliance with National and EU environmental laws and regulations, is implementing a number of international good or best practices and has the capacity to implement the Bank's Performance Requirements (PRs). The Company is operating its renewable energy plants in compliance with local regulatory requirements and EU environmental standards, including Best Available Techniques standards under the Industrial Emission Directive applicable to the waste-to-energy plant. Enefit Green recently acquired Nelja Energia, a renewable energy operator and project developer, to which the Bank gave a sustainability award in 2011 for best environmental and social practices exceeding environmental & social requirements.


All the solar energy plants in Poland are small (below 1 MWe each) and developed on secondary quality agricultural land in accordance with the Polish regulatory requirements. None of the plants required a local Environmental Impact Assessment (EIA) under EIA Directive or Polish law.  None of them is located in the vicinity of Natura 2000 or cultural heritage sites.  All land required for the solar plants has been acquired on the basis of negotiated contracts. The Company has set a condition precedent for all the solar plants to obtain certification of eligibility for green energy support scheme from the competent authorities, ascertaining compliance with Polish law.


Based on the ESDD, a corporate Environmental and Social Action Plan (ESAP) has been developed and agreed with the Company. The ESAP commits the Company to: carrying out its investment programmes and operations in accordance with EU and National environmental and social requirements; formalising its pre-acquisition E&S due diligence approach; continuing to undertake EIAs of its development projects as and when required under national law and disclosing the EIAs on its website; obtaining internationally recognised occupational health and safety certification (OHSAS 18001); maintaining its environmental and total quality management system certifications; minimising  environmental impacts on the land at the Polish solar power plants by applying the best available techniques and adhering to sustainable use of resources; and developing new renewable energy projects in compliance with the Bank's Performance Requirements.


The Bank will monitor the environmental and social performance of the Company by reviewing its annual reporting to the Bank on environmental and social matters and its development projects as well as on the implementation of the ESAP.

Company Contact Information

Veiko Räim
+372 5865 4999
Enefit Green AS, Lelle 22, 11318 Tallinn, Estonia

PSD last updated

14 Apr 2020

Understanding Transition

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

Business opportunities

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Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social 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 additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from 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 activities of the Bank 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 Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both 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. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. 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 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 following its entry into force on 1 January 2020. 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 (e.g. 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 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; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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