The provision of a senior loan of up to PLN 350 million (€ 74 million equivalent) to Santander Consumer Bank S.A. (SCB) under the Poland-Residential Energy Efficiency Facility (REEF) framework. The loan will be complemented by a comprehensive Technical Cooperation support package. Santander Consumer Bank S.A. will on-lend the EBRD funds to retail customers to finance eligible energy and resource saving projects in residential buildings in Poland.
The project will promote investments in energy efficiency measures in residential buildings through one of the leading consumer finance banks in Poland, contributing to energy savings and CO2 emission reductions. This will also contribute to addressing the vital issue of air pollution in the country, whereby Poland exhibits one of the highest air pollutions in Europe due to the reliance on coal.
ETI score: 80
ETI score: 80
The expected transition impact stems from the green and competitive transition qualities:
- Green: The project will promote the Green transition in Poland and will support the EBRD's GET approach in the country through facilitating energy efficiency investments in the residential sector.
- Competitive: The project will facilitate knowledge building and improved market standards in the area of green residential lending through facilitating Best Available Technologies among sub-borrowers.
SANTANDER CONSUMER BANK SA
SCB is a medium sized bank, focused on retail clients, 60 per cent owned by Santander Bank Polska and 40 per cent by Santander Consumer Finance.
EBRD Finance Summary
Total Project Cost
The project demonstrates strong additionality by (i) providing dedicated financing to an underserved segment of the market in Poland; (ii) providing expertise, knowledge and capabilities through dedicated TC package, (iii) helping SCB achieve higher standards through the green technology selector, compatible with the ambitious governmental Clean Air Priority Programme ("CAPP").
Environmental and Social Summary
Categorised FI (2019 ESP). The Environmental and Social (E&S) Due Diligence was done in-house and included a review of the E&S Questionnaire and follow-up questions. ESG responsibilities at SCB are allocated to the Strategy Manager. Two policies are in place: Policy of Financing of Sensitive Sectors (2019) and Policy of the Energy Sector (2019). These policies will have to be aligned with EBRD requirements. SCB confirmed compliance with the EBRD Environmental and Social Exclusion List. SCB's environmental reporting is included in the Annual Report of the parent company SBP (Santander Bank Polska).
SCB reported two past collective redundancies in 2021 (covering 430 and 340 people respectively) as a result from organisational changes, and confirmed that in both cases, an applicable agreement was concluded with the trade unions. No further collective redundancy is planned in the next year.
SCB will on-lend the proceeds of the Bank financing to sub-borrowers to finance GET eligible sub-loans (exclusively on activities in energy efficiency and renewable energy) to private individuals, based on the Green Technology Selector. The Project's use of proceeds may include solar sub-projects. Such sub-projects will be managed in line with 'The Proposed Management Approach for Solar Supply Chain Risk Management' (CS/FO/21-35) and any subsequent guidance developed under that approach. The GET share of this project is 100%.
The Client will be required to comply with the EBRD's Performance Requirements 2, 4 and 9, implement the EBRD's E&S Risk Management Procedure for Corporate, SME and Micro lending, and submit annual environmental and social reports to EBRD.
Technical Cooperation and Grant Financing
The Loan will be supported by the Technical Cooperation ("TC") package, funded from 2 sources, i.e. by the Taiwan Business-EBRD Technical Cooperation Fund and by the Polish Government through the EBRD-EU Special Fund, provided by a Project Consultant ("PC"). The PC role will be to maintain the advisory infrastructure to ensure distribution of dedicated financing to eligible sub-projects, accompanied by impact measurement and reporting, ultimately facilitating the demand for sustainable energy technologies and increasing potential outreach.
Company Contact Information
+48 71 358 97 51
Legnicka 48B 54-202 Wroclaw, Poland
PSD last updated
22 Sep 2022
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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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).
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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 firstname.lastname@example.org to get guidance and more information on IPAM and how to submit a request.