Project Description
Provision of a senior loan to finance the development, construction and operation of a 50 MW portfolio of onshore windfarms in Udanin, Poland (the "project"). The borrower will be the special purpose company owning the wind farm: Farma Wiatrowa 5 Sp. z o.o (the "borrower").
Project Objectives
The project will contribute to climate mitigation by adding wind generation capacity to the national energy system, increasing the share of renewable energy generation in Poland. In addition, the project will support the entry of a new player in the Polish renewable energy market.
Transition Impact
ETI score: 60
The project will target the "Green" quality by supporting the development, construction and operation of renewable energy in Poland.
Client Information
QUADRAN INTERNATIONAL
The borrower is a private company incorporated in Poland established with the sole purpose of constructing, operating and managing the Udanin wind farm.
The Lucia Holding Group, via Quadran International, is the majority shareholder of the borrowers. Lucia Holding is an experienced renewable energy developer and operator incorporated in France.
EBRD Finance Summary
PLN 93,200,000.00
Provision of a long-term financing denominated in Polish Zloty. EBRD is expected to provide half of the debt portion alongside a commercial co-lender.
Total Project Cost
PLN 311,100,000.00
Confidential.
Environmental and Social Summary
Category B (2014). Environmental and social ("E&S") issues associated with the Project can be readily assessed and mitigated.
An independent environmental and social due diligence ("ESDD") was undertaken, which confirmed that Quadran International (the "Company") has good corporate governance and the capacity to fully implement the Bank's Performance Requirements ("PRs") and is in compliance with National and EU law. The ESDD focused on the Company's existing operations and the Project as well as corporate E&S management capacity and capabilities and resulting policies and procedures. The ESDD included site visits and review of local development plans as well as assessment of compliance with EU regulations and implementation of best practices.
The due diligence confirmed that no part of the Project is located in a sensitive area, such as Natura 2000 or residential areas, and that impact on birds and bats is expected to be limited. Nevertheless, to seek to limit further any impact, additional monitoring will be undertaken and mitigation measures will be implemented as needed. Noise will be monitored to ensure compliance with relevant regulations.
Overall, the ESDD confirmed that the Company's environmental and social governance is good. Best practice E&S governance requirements are reflected in corporate and site-specific Environmental and Social Action Plans ("ESAPs") that have been agreed with the Company. The Company has also agreed to increase its transparency and engagement activities at a corporate level, including engaging with recognised specialist biodiversity NGOs and reporting of non-financial information.
The ESAPs ensure that any future projects developed by the Company that would trigger Category A E&S requirements will be structured to meet EBRD's PRs. The Company has agreed to disclose relevant information on the Project and a Non-Technical Summary ("NTS") for future projects. Links to the NTS are provided below.
Information on the Project can be obtained on the
https://www.quadran-international.com/en/es-report/
The Bank will monitor the implementation of the Project and the ESAPs.
Company Contact Information
Ana DE LA MATA DE LA ISLA
a.delamata@lucia-holding.com
+33 (0) 4 11 95 11 10
+33 (0) 4 11 95 11 10
www.lucia-holding.com
@7 Center – Immeuble l’@ltis – 1er étage
521, rue Georges Meliès - 34000 Montpellier – France
PSD last updated
18 Dec 2019
Understanding Transition
Further information regarding the EBRD’s approach to measuring transition impact is available here.
Business opportunities
For business opportunities or procurement, contact the client company.
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Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com
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General enquiries
Specific enquiries can be made using the EBRD Enquiries form.
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.
