Taiga Poland II

Location:

Poland

Project number:

42582

Business sector:

Equity funds

Notice type:

Private

Environmental category:

FI

Status:

Cancelled

PSD disclosed:

27 Jul 2011

Translated version of this PSD: Polish

Project Description

The EBRD is considering making an equity investment of up to €20 million in Taiga Poland II SICAR (“TP II” or the “Fund”), a private equity investment fund to be registered as a partnership limited by shares under the laws of Luxembourg.

The Fund will seek equity and equity-related investments in the development and construction of wind power projects in Poland, with the aim to bring such projects to successful commissioning of operation. TP II will have a similar investment focus to the precedent fund, Taiga Poland I, and will benefit from the already existing platform and pre-identified potential target projects.

Transition Impact

The transition impact and demonstration effects of the proposed project are expected to be achieved by the:

(a) support of the development of the private equity for the energy sector, particularly for the renewable energy sector in Poland;
(b) expansion of the financial intermediation for the Polish energy and renewable energy sectors;
(c) transfer of the relevant technical and operational skills set to the investee projects;
(d) promotion and enhancement of high standards of corporate governance and integrity in the investee projects.

The Client

The Fund will be managed by Taiga Mistral Gestión S.G.E.C.R. S.A., a limited liability company incorporated under the laws of Spain.

With a team of 19 professionals based throughout three operational offices (Madrid, Warsaw and Gdansk) Taiga Mistral currently manages four renewable energy focused funds both in Poland (Taiga Poland I) and Spain (Taiga Tres, Taiga Cuatro and Green Alliance Renewable Energy Fund ), totalling c. EUR 150 million of capital commitments.

EBRD Finance

The EBRD is proposing to make an equity investment of up to €20 million.

Project Cost

The target Fund size is €75 million.

Environmental Impact

The project has been categorised as FI in accordance to the Bank’s Environmental and Social Policy. An Environmental and Social Due diligence (ESDD) undertaken by an independent consultant has confirmed that the Fund has the institutional capacity to fully implement the applicable Performance Requirements (PRs). Based on the due diligence, the Bank and the Fund have jointly agreed on an environmental, health and safety (EHS) management system aimed at ensuring all projects comply with National EHS standards and industry best practice, including, among others, the best practice guidelines developed by the Polish Wind Energy Association (PWEA). The Fund will not invest in projects which are located in Natura 2000 areas, or will have a material adverse effect on such areas. A further methodology has been developed on future EHS due diligence for new or partially developed wind projects and environmental criteria to be used prior to making a financial investment decision.

The Fund will monitor the environmental impact of its operations in accordance with national laws and regulations. The Bank will evaluate the project's compliance with the applicable environmental and social requirements during the lifetime of the project by reviewing annual environmental reports prepared for the each project the Fund invests in. If required, the Bank will carry out monitoring visits and assist the Fund in the due diligence process of any new projects.

Technical Cooperation

None.

Company Contact

Cristina Tuñon, Investor Relations
Taiga Mistral
Camino de la Zarzuela, 15
Edificio B – planta 2
28023 Aravaca – Madrid, Spain
Tel: +34 91 357 63 10
Fax: +34 91 357 99 41
Email:cristina.tunon@taigamistral.com

Mikel Garay, COO Poland
Tundra Advisory Sp. z.o.o.
5, Slominskiego str. Loc 259
00-204 Warsaw, Poland
Tel: + 48 22 530 94 94
Fax: + 48 22 253 77 30

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

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