Zwartowo solar

Location:

Poland

Project number:

53386

Business sector:

Energy

Notice type:

Private

Environmental category:

B

Approval date:

11 Apr 2022

Status:

Disbursing

PSD disclosed:

23 Dec 2021

Project Description

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.

Project Objectives

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.

Transition Impact

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.

Client Information

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.    

Additionality

 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

None

Company Contact Information

Artur Schilhabel (General Manager)
arturschilhabel@goldbecksolar.com
Stigma Sp. z o.o. ul. Ludwika Rydygiera 8 01-793 Warszawa Poland

PSD last updated

27 Apr 2022

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.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

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.

 

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