PGE - Grid Enhancement for Renewables (EBRD-48064)

Countries
  • Poland
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Feb 22, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
POLSKA GRUPA ENERGETYCZNA
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 122.65 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported PLN 500,000,000.00
Converted using 2017-02-22 exchange rate.
Project Cost (USD)
$ 367.97 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported PLN 1,500,000,000.00
Converted using 2017-02-22 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jun 30, 2017

Disclosed by Bank Feb 12, 2016


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Project Description
The EBRD is providing a loan of up to PLN 500 million to the Polish electricity utility Polska Grupa Energetyczna S.A.. The debt financing will support an investment program of the Company's distribution business, PGE Dystrybucja S.A., in the period 2016-2019. The EBRD financing will support PGE to implement grid investments that are critical to connect new renewable energy capacity and to cope with the intermittent nature of their production.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
POLSKA GRUPA ENERGETYCZNA SA is the largest vertically integrated Polish power utility, with operations concentrated in eastern and central Poland. The Company remains majority (58%) state owned and is listed on the Warsaw Stock Exchange. The EBRD is providing a PLN 500,000,000.00 senior unsecured long-term corporate loan to PGE, to co-finance selected investments indentified within the investment programme of PGE DSO.
Contact Information
PROJECT CONTACT Jakub Frejlich Jakub.Frejlich@gkpge.pl ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.