Translated version of this PSD: Polish
Project Description
The EBRD is considering providing a senior long-term loan to finance the construction and operation of the Radzyn Wind Farm, a wind farm project with a total installed capacity of up to 39 MW located near the town of Grudziadz in north-central Poland (Kujawsko-Pomorskie province).
The construction is scheduled for commencement in the fourth quarter of 2014 and expected to be completed in the second half of 2015.
The Bank’s loan is to be provided to GB Radzyn 401 sp. z o.o., a special purpose company (the “borrower”), created to own, construct and operate the project.
The borrower is fully and directly owned by Green Bear SA. (the “sponsor”).
Transition Impact
The Project’s transition impact stems from three factors, as described below:
(i) The project has the potential to demonstrate the viability of a medium-scale wind power plant financed by an independent power producer. The financing structure is expected to be fully merchant, taking price risk on the sale of green certificates (GC) as well as electricity output. Such a transaction would demonstrate that lenders could take risks of price volatility on the market and also strengthen the pipeline of wind projects developed in Poland.
(ii) The project supports investment of a private investor in the Polish wind energy sector which is still largely state-controlled. By operating on a merchant basis the project is expected to contribute to the liquidity and transparency of the price signal in both the electricity and GC market.
(iii) The project will lead to saving of approximately 83.000 tCO2/annum.
The Client
The borrower is a private limited liability company, operating as a special purpose company incorporated in Poland. It is fully and directly owned by Green Bear SA, headquartered in Luxembourg. Green Bear SA is a wind farm developer active in the Polish market since 2007.
EBRD Finance
Provision of a limited-recourse long-term financing denominated in Polish Zloty, in the amount of up to PLN 100 million (EUR 24 million equivalent) as well as relevant foreign exchange and interest rate hedging facilities. The Bank’s investment represents up to 35% of the total project cost. The Bank’s financing will be used for the construction and operation of the project. The remaining funding for the project is expected to be provided by other financial institutions and the sponsor.
Project Cost
Approx. PLN 285 million (EUR 67.9 million).
Environmental Impact
Categorised B.
Technical Cooperation
None.
Business opportunities
For business opportunities or procurement, contact the client company.
For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com
General enquiries
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com
Public Information Policy (PIP)
The PIP 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. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP
