The EBRD is considering providing a Polish Zloty long-term loan of up to €55 million equivalent to finance the construction and operation of a 120MW wind farm located in the Margonin region of North West Poland. The Project will assist Poland in increasing its renewable energy capacity to meet EU’s green energy quotas. The project is being developed in two stages, one of 20 MW and another of 100 MW, being the wind farm full commissioning expected during the first quarter of 2010.
The project has the potential to demonstrate a successfully operating large scale wind power generation facility and, as such, attract other investors in the Polish renewable energy sector. In addition, the project is expected to come from improving the standards for business conduct through the Client's application of international best practice in its environmental impact assessment.
The Project is being developed by Relax Wind Park I Sp. z o.o. controlled by EDP Renováveis, S.A. (“EDPR”) through its subsidiary for European operations- Nuevas Energias del Occidente, S.L. (“NEO Energia”). The Project is being developed in partnership with Buttero Holding Limited (“Buttero) a company representing Polish private investors.
EDPR is the world’s fourth largest wind energy company with installed capacity with 5,052 MW (gross) capacity at year-end 2008 (four times the 2005’s capacity). EDPR has an active presence in six European countries (Portugal, Spain, France, Belgium, Poland and Romania), United States (43% of EDPR’s installed capacity) and Brazil.
Polish Zloty long-term debt financing of up to €55 million equivalent. The project is expected to be financed along commercial banks and potentially another multilateral.
Category A. The project consists of financing the construction of a 120 MW wind farm, which includes a high voltage transmission line traversing a Natura 2000 area. The wind farm is part of a much larger development being undertaken by the same Sponsor, and therefore the project is viewed as an initial stage of a 240 MW development. Consequently, the project requires a full Environmental and Social Impact Assessment (ESIA) in line with the Bank's Environmental and Social Policy.
As part of the ESDD the Bank will also review the institutional capacity of the Company to implement the Bank's Performance Requirements (PRs). An ESAP will be developed based on the ESDD, inclusive of an environmental and social management plan to be implemented by the Company over the next few years to ensure that the Project fully complies with all the Bank's PRs.
The Bank is still at the initial stages of an Environmental and Social Due Diligence (ESDD). The PSD will be updated once the ESDD has been undertaken.
There is an Environmental and Social Impact Assessment available for this project.
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