The provision of a long-term senior secured loan and related debt service reserve facility (DSRF) facility jointly of up to PLN 212 million (approx. €46 million) to Stigma Sp. z o.o. (the borrower), a special purpose company incorporated in Poland. The loan will be dedicated for the construction and operation of a solar PV power plant with a planned total capacity of up to 286 MWp (the project) in Zwartowo, Poland.
The project will contribute to climate change mitigation and Polish energy green transition by increasing the share of renewable energy generation in Poland and add up to 286 MWp of solar generation capacity to the national energy system. In addition, the Project will strengthen the private sector's role in the renewable energy sector in Poland.
ETI score: 60
The Project will target the "Green" quality by supporting the construction of a large-scale solar power plant with a total installed capacity of up to 286 MWp. This capacity will replace coal-fired plants in the generation mix with expected associated CO2 savings of at least 138,000 tonnes annually.
STIGMA SP ZOO
The Borrower is a private limited liability special purpose company incorporated in Poland with the sole purpose of the development, construction and operation of Zwartowo solar power plant.
The Borrower is indirectly majority (80 per cent) owned by Solarnet Investment GmbH, an investment arm of the GOLDBECK SOLAR Group, an integrated developer and constructor of large-scale solar power plants based in Germany. The remaining minority stake (20 per cent) is owned by Energy Consult Sp. z o.o.
The Bank's additionality stems from supporting renewable energy and the scale of the Polish energy transition challenge.
Environmental and Social Summary
Category B (ESP 2019). Environmental and Social issues associated with the construction and operation of a solar power plant can be readily assessed and mitigated via implementation of an Environmental and Social Action Plan (ESAP). The Project will support the completion of construction of a 286 MWp solar plant in Zwartowo, North Poland. Goldbeck Solar has obtained relevant permits in line with Polish requirement and the Project is now under construction. The Bank has worked with the Goldbeck Solar in the past and the client is well-known to the Bank through previous deals, has well-established E&S management systems in place and demonstrated good progress in implementing previously agreed ESAP.
An independent consultant has been retained to undertake an Environmental and Social Due Diligence (ESDD) of the Project. The ESDD has confirmed that the Project is being developed in line with National and EU E&S requirements and the client has the institutional capacity to implement the Bank's Performance Requirements (PRs). The Company has developed a good on-site construction management plan inclusive of H&S supervision, although this will need to further formalised and strengthened in the future.
ESDD has confirmed that existing land users are limited in number and that the client has previously consulted with project affected stakeholders and meeting with local authorities confirmed local support for the Project. The Company has secured long term leases from the two land owners covering over 300 ha and no livelihood restoration is triggered. The site is not located in a sensitive location in terms of nature protection (such as N2000) and a screening assessment in line with the EU EIA Directive was undertaken by the local Competent Authorities. The Company has undertaken archaeological assessments prior to construction and engaged with local conservation experts to upgrade some local ecosystems and for instance remove fly tipped waste in the area. Associated facilities such as power liens are underground to limit impacts.
Goldbeck Solar has publicly committed to transparency in the supply chain. In line with the Bank's requirements and the agreed Management Approach an enhanced due diligence of the project supply chain and of Goldbeck Solar's purchasing processes and procedures was undertaken. The ESDD confirmed that although the Group does not have a documented supply chain management system, it does implement some of the core elements of such a system that will be further enhanced to meet the Bank's requirements. Development of such enhanced procedures including self-declarations, codes of conduct or similar, by solar contractors and suppliers regarding labour risks, as well as independent labour audits of the first tier supplier to verify labour performance and SA8000 certification (since the client already applies this standard) has been included in the ESAP. Whilst not directly applicable to this Project since the modules have already been procured, this will enhance the Group's capacity and support any potential future transactions with EBRD.
Based on the ESDD, an ESAP has been developed and agreed with the Client, which includes further strengthening of the on-site EHS management systems as well as corporate ESG management systems inclusive of supply chains in line with EBRD requirements and EU Guidance on due diligence to address the risk of forced labour in their operations and supply chains. The Company is committed to further strengthen its supply chain management system in the future in line with EU and industry best practices as well as the Bank's Performance Requirements (PRs). The NTS is available in Polish and English. The Project is PA aligned, GET eligible and climate adaption assessed as part of the review.
The Bank will monitor the implementation of the Project.
Technical Cooperation and Grant Financing
Company Contact Information
Artur Schilhabel (General Manager)
Stigma Sp. z o.o. ul. Ludwika Rydygiera 8 01-793 Warszawa Poland
PSD last updated
27 Apr 2022
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Independent Project Accountability Mechanism (IPAM)
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