The Project’s transition impact stems from three factors:
- the demonstration effect of new replicable behaviour and activities, setting standards for business conduct and expansion of a competitive market, through communicating the viability of renewable energy project financing exposed to market price risk, despite the uncertainty around the expected changes to the Polish renewable energy law;
- expansion of renewable energy sector in Poland, through supporting the Sponsors’ participation in this Project and other renewable energy projects in the country; and
- selling green certificates at the market price and therefore contributing to the growth of the tradable green certificates market in Poland.
C&C Sp. z o.o. is a special purpose entity incorporated in Poland and fully and indirectly owned by Momentum with 40% stake, Nordex with 40% stake, Eurowatt with 11% stake and Winergy with 9% stake.
Provision of a non-recourse long-term financing denominated in Polish Zloty, in the amount of up to PLN 94 million (€22 million equivalent) to finance the construction and operation of Phase I of the Project, representing the entire senior debt financing for Phase I, and up to 35% of the total Project costs. Bank DnB Nord will provide the VAT facility for the Phase 1 of the Project.
Approximately PLN 269 million (€64 million).
Category B. Environmental and social issues associated with the construction of a medium sized wind farm in Orla, can be readily assessed and mitigated as part of the Bank’s Environmental and Social Due Diligence (ESDD).
The Bank retained an independent consultant to undertake an Environmental and Social Diligence (ESDD) of the project. The ESDD confirmed that the Company has the institutional capacity to fully implement the Bank’s Performance Requirements (PRs) and that the wind farm is in compliance with Polish environmental laws and regulations.
The ESDD has confirmed that the wind farm is located way from any sensitive receptors, with no residential or protected areas (such as Natura 2000 designated sites) located in the near vicinity. The Project has been subject to a full EIA, in accordance to Polish and EU requirements, inclusive of an alternative and cumulative assessment. As a result of the EIA one of the turbines has been moved away from a road. The ESDD has concluded that appropriate stakeholder engagement has been undertaken and the project complies with Polish and EU environmental requirements.
For financial matters:
Mr. Adam Ofek
For project matters:
Mr Adam Broncel
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