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DFF - R.Power Green Bond



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

12 Jul 2022



PSD disclosed:

29 Jul 2022

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

An investment of up to PLN 80m (€ 17m) in the senior corporate green bond issued by R.Power S.A. (the "Company") under the Green Bond framework of PLN 1bn (€ 222m).


Project Objectives

The proceeds will be used to finance and refinance capital expenditures for the construction and development of solar PV projects in Poland. The Company has also committed to invest a two times multiple of the Bank's funds in solar PV projects in the Bank's countries of operation.

Transition Impact

ETI score: 60

Competitive: The transaction will support the development by the Company of renewable capacity in Poland. This new capacity will help to increase the share of private generation and facilitate further competition in the country energy market.  

Green: The Project is 100 per cent GET and will contribute to climate mitigation through the addition of new solar capacity. The Bank's proceeds of up to €17m are expected to close the funding gap for the construction of additional 96MW of solar PV capacity, which in turn will generate 100GWh of electricity annually, contributing to 72 thousand tonnes of CO2 savings per annum. The Company has also committed to invest a two times multiple of the Bank's funds in solar PV projects in the Bank's COOs.

Client Information


R.Power S.A. (the "Company") is a vertically integrated solar PV developer, EPC and O&M contractor and an independent power producer ("IPP") incorporated in Poland. The Company's current solar PV portfolio includes 38MW of operating capacity and a strong pipeline of assets under construction or at development stage.

EBRD Finance Summary

PLN 80,000,000.00

Total Project Cost

PLN 330,000,000.00

Bonds outstanding unde the Green Bond framework following the EBRD transaction.


Financial structure: The transaction is one of the Bank's first capital market investments since the start of the war on Ukraine and the first bond investments into a renewable developer in Poland.

Resource mobilisation: The Bank's participation in the issuance is to provide a valuable signal to the market and facilitate a successful placement in the current uncertain debt capital market environment. 

E&S: The Company is fully committed to implement the EBRD's requirements on solar PV supply chain management, including developing robust supply management systems and ensuring future panel procurement has legally binding commitments to no presence of forced labour.  

Environmental and Social Summary

The Project has been Categorised B in line with the 2019 ESP. The Project has a high-medium E&S risk profile due to allegations of forced labour in the solar supply chain. ESDD has been completed by ESD in line with capital market transactions approaches, which included a review of the Green Bond Principles ("GBP"), Second Party Opinion ("SPO") associated with the initial issuance and direct engagement with the Issuer. The SPO confirms the use of proceeds for renewable energy meets the 2018 GBPs and will lead to positive environmental impacts and advance the UN Sustainable Development Goal 7 (Affordable and Clean Energy) and no further ESDD is required.

The EBRD Management Approach has been applied to address the issue of forced labour and enhanced due diligence has identified that the refinancing component of the Transaction requires no further assessment. The enhanced due diligence has identified that the procurement of PV panels for projects already in development and operation has been from suppliers with which the EBRD has already engaged. With regards to future pipeline of projects, the Company ahas agreed to update and publish their corporate level policies on human rights, labour and working conditions and positions on zero tolerance to forced labour. In addition, the ESAP included in the Framework Agreement, requires that the Issuer develops and implements a corporate level supply chain management system to ensure appropriate due diligence is undertaken for all future procurement of PV panels. The management system will include a mechanism to cascade the corporate level requirements to contractors and suppliers and a mechanism to verify that the requirements have been met. In addition, the Company has agreed to participate with peers in appropriate industry group fora where such issues are discussed. Overall, the risks of forced labour related issues being associated with the future projects has been mitigated as far as possible and the Company has agreed to adopt good practices for supply chain management regardless of the EBRD's further involvement.

The Project is considered aligned with the mitigation objectives of the Paris Agreement as it features in the joint MDB aligned list. The Company agreed to incorporate climate adaptation assessments as part of their site selection and development, and report these together with appropriate climate reliance measures when deemed necessary under ESAP/FA. 

Technical Cooperation and Grant Financing


Company Contact Information

Tomasz Sciesiek
+48 505 264 379

PSD last updated

29 Jul 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

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

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 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 to get guidance and more information on IPAM and how to submit a request.


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