Provision of a long-term senior secured loan of up to PLN 117 million (EUR 26 million) to Fonnes Sp z o.o., a Polish holding company owned jointly by Taaleri SolarWind II and Masdar (Abu Dhabi Future Energy Company), for the purpose of the acquisition, construction and operation of the 37.4MW Mlawa wind farm and the 14MW Grajewo wind farm.
The project will contribute to climate mitigation by increasing the share of renewable energy generation in Poland and add 51.4 MW wind 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 two wind farms with a total installed capacity of 51.4 MW. This capacity will replace coal-fired plants in the generation mix with expected associated CO2 savings of over 126,000 tonnes annually.
FONNES SP ZOO
Fonnes Sp. z o.o. (50:50% owned by Taaleri SolarWind II and Masdar the Abu Dhabi Future Energy Company).
Taaleri SolarWind Fund II invests predominantly in ready-to-build utility-scale solar and wind projects in Europe and USA. The fund is managed by Helsinki based Taaleri Energia Funds Management Oy, which is a 100% subsidiary of Taaleri Energia belonging to the Nasdaq Helsinki-listed Taaleri Group.
Masdar, the Abu Dhabi Future Energy Company, is a part of Mubadala Investment Company (wholly-owned subsidiary of the Abu Dhabi Government) and a global renewable energy leader with over 10GW of renewable capacity build and under development.
EBRD Finance Summary
Total Project Cost
Environmental and Social Summary
Categorised B (ESP 2019). The ESDD for the Project, consisting of two small to medium sized wind farms, was undertaken by and independent consultant in line with ESD's response to COVID-19. The ESDD was undertaken in 2019 and early 2020 prior to ESDD restrictions being put in place. The Project has been permitted by competent local authorities and has been subject to local permitting (including EIA) for the wind farms as well as associated infrastructure such as roads and power lines. The ESDD confirmed that the wind farms are not located in sensitive areas and the Sponsor has the institutional capacity to fully implement the Bank's Performance Requirements.
The wind farms are located within agricultural areas away from protected areas or sensitive bird migratory routes, as confirmed by the EIA studies and the independent ESDD. Both sites are located away from residential areas and will have limited impact on human receptors as well as flora and fauna. As part of the ESDD, additional cumulative assessments were undertaken for the Grajewo wind farm, inclusive of noise, to confirm the assessment made in the EIA.
The developer has reached long term agreements for the land leases through voluntary negotiations with the land owners. The Project will not be associated with resettlement or livelihood loss and is fully compliant with the local development plans. Currently the area is used for agricultural purposes and it is surrounded with arable fields, forested areas or meadows.
The ESDD identified the need for additional post construction monitoring and implementation of best EHS management practices. This includes among other measures, the need to develop additional grievance mechanism and stakeholder engagement process as well as the review of operations based on bird and bat monitoring in 3 years' time. An independent ornithological expert will be appointed to undertake the post construction monitoring. The ESAP is agreed with the client.
A non-technical summary (NTS) and a stakeholder engagement plan (SEP) have been developed for the Project and the NTS is to be published on the Sponsor's website and the Bank's web site.
The Bank will monitor the implementation of the Project through review of annual reports.
Technical Cooperation and Grant Financing
Company Contact Information
Taaleri Energia Kasarmikatu 21 B, 4th floor FI-00130 Helsinki, Finland
PSD last updated
22 Jan 2021
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Environmental and Social Policy (ESP)
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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 firstname.lastname@example.org. 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 email@example.com to get guidance and more information on IPAM and how to submit a request.