The Project involves the provision of a senior loan of up to PLN 175 million (approx. EUR 37 million) to YVS Nozdrzec Sp. z o.o. (the "Borrower" or the "Company"), a special purpose vehicle ("SPV") incorporated in Poland. The loan will be dedicated for the construction and operation of a 48MW onshore wind farm in the south-eastern Podkarpackie region of Poland (the "Project"). The Project consists of 16 wind turbines and is expected to generate 138GWh of electricity per annum. The Project includes the possibility of extension with 2 additional wind turbines for a total of 6MW.
The Project will contribute to climate mitigation by adding 48MW wind generation capacity to the Polish national energy system. Wind and solar farms are critical to Poland in achieving its ambitious decarbonisation goals and their rapid development is key to diversifying away from hydrocarbon reliance. In addition, the Project will strengthen the private sector's role in the renewable energy sector in Poland.
ETI score: 60
The Project targets the "Green" Transition Impact quality by supporting the construction of onshore wind farm with a total installed capacity of 48MW. This capacity is expected to replace coal-fired power plants in the generation mix and consequently result in associated CO2 savings of over 100,000 tonnes annually.
YVS NOZDRZEC FARMA WIATROWA SP Z O O
YVS NOZDRZEC FARMA WIATROWA SP Z O O a limited liability company incorporated in Poland and established for the sole purpose of constructing and operating the Nozdrzec wind farm. The Company is ultimately majority owned by Yevulei Shemesh Renewable Energy Group Ltd ("YVS"), an Israeli renewable energy Group. The Company is managed by YVS Cerac management CY Ltd whose founders have been involved in the development, construction and asset ownership of more than 300MW of wind capacity in Poland.
EBRD Finance Summary
Financing structure and Risk mitigation. EBRD helps a foreign investor to enter the market and supports the implementation and operation of the wind farms. EBRD also provides comfort in relation to the country, regulatory and political risks, related to financing renewable energy projects for the Sponsor and co-lender.
Environmental and Social Summary
Categorised B (2019 ESP). The Project is the construction of a 48 MW wind farm in Nozdrzec, Podkaprackie Voivodhsip in Southern Poland. The project is located outside of protected areas and environmentally sensitive areas. Based on review of project documentation and environmental and social impact report in line with the Bank's ESP 2019, the Project has been categorised B. The project is considered aligned with the objectives of the Paris Agreement.
The ESDD concluded that the Developer has a robust capacity to manage the project in line with EBRD's PRs and international best practice. The ESDD undertaken by independent consultant confirmed that the project is structured in line with EBRD PRs as well as national and relevant EU legislation.
Overall, studies undertaken to date (including local EIA) have shown that the Nozdrezc wind farm, consisting of 16 wind turbines, is not located in a sensitive area in terms of biodiversity (such as IBAs or Natura 2000 areas) or near human receptors. Results of biodiversity studies show low risk of bird collision from the planned wind farm. The local Competent Authorities have approved the development and this is included in the local development plans and no issues have been raised as part of the development consent and consultation process. The ESDD has confirmed that land has been acquired on the basis of willing buyer and seller and the Company has been operating in compliance with local labour laws and H&S systems, and in line with relevant PRs.
The Developer has developed its sustainability disclosure documentation for this project and developed an NTS and SEP that covers the results of cumulative assessments. This includes landscape impact and potential impacts on local landscape parks in the region. The Developer will also extend the existing stakeholder engagement plan (SEP) and EHS procedures. Based on the ESDD an ESAP is being developed and this is being agreed with the client and will be agreed prior to Bank approving the Project. This will include post construction monitoring as well as stakeholder engagement and contractor management procedures.
Additional information on the Company can be found below: https://farma-nozdrzec.pl/
Upon completion of the ESDD and agreement of the ESAP, the PSD will be updated and links provided to the Non Technical Summary (NTS).
Technical Cooperation and Grant Financing
Company Contact Information
+48 606 912 826
YVS Cerac Management CY Ltd Diagorou 4 Kermia Building, 1st Floor, Office 10,3 1097 Nicosia Cyprus
PSD last updated
01 Feb 2023
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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