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As stated by the IFC, Greenvolt Energias Renováveis, S.A. seeks a loan of Euro 75 million from IFC to fund the construction and operation of two standalone greenfield Battery Energy Storage System (BESS) facilities of 200MW nominal capacity each, located in North-East Poland. Turosn covers an area of 0.9ha and Elk occupies an area of 4.5ha. Both projects are on flat lands close to (sparsely) populated areas. The Projects involve the construction of all components necessary to operate the BESS system (i.e. battery cells, battery system containers, transformer stations, cables, switching station, internal access). The BESS will need to connect to the National Power System using high-voltage overhead cables. Grid connection involves transmission lines of approximately 300m and 700m in length, respectively. The BESS plots at each location are located on agricultural land and leased from individual farmers on mutually agreed terms and will be acquired once construction is complete. For the transmission lines all land is being leased. Land use rights for all but two land parcels have been obtained, and for which negotiations are being finalized.At the time of IFC’s appraisal construction on both sites had started. Construction activities are expected to be completed within 12 months, achieving their commercial operation date (COD) by Q2 2026.
As stated by the IFC, the total project cost is estimated at approximately EUR 300 million, including a long-term debt financing package of up to EUR 180 million denominated in Polish Zloty (PLN). IFC is considering providing an A loan for IFC's own account of up to the PLN equivalent of EUR 75 million and mobilizing a Parallel Loan of up to the PLN equivalent of EUR 80 million from various commercial lenders. The remainder of the financing package is expected to be provided by another development financing institution.
As stated by the IFC, Greenvolt Energias Renováveis, S.A. (Sponsor) is an experienced and fast-growing renewables developer and independent power producer (IPP) headquartered in Portugal. The Sponsor has established Magazyn EE Elk sp. z o.o (“Elk”) and Magazyn EE Turosn Koscielna sp. z o.o, (“Turosn”) two special purpose vehicles (SPVs) owned by Greenvolt Power Poland Sp. z o.o. (“Greenvolt Power”) that is wholly owned by Greenvolt Portugal. Greenvolt, a company within KKR's portfolio, is a 100% renewable energy Group with operations spanning across 20 geographies in Europe, North America, and Asia. The Group provides renewable solutions in three core business areas:
Sustainable Biomass – producing energy from forest residues and urban waste wood through 7 power plants in Portugal and the UK;
Utility-Scale – developing large scale wind, solar PV and storage projects in several European markets, in the USA and Japan, with a total pipeline of 14.1 GW; and
Distributed Generation – focusing on B2B solutions for the installation, maintenance and financing of solar PV for individual and collective self-consumption, as well as electric mobility, LED, rooftops, carports, batteries, in several geographies across Europe and Indonesia.
Greenvolt Power, part of Greenvolt Group, a global leader in 100% renewable energy, operates in the Utility-Scale segment, specializing in onshore wind, solar, and energy storage. With a strong presence across 19 markets in Europe, North America, and Asia, Greenvolt Power has a current pipeline of 14.1 GW, with 5.1 GW expected to be ready to build by the end of 2025. It is also one of the world’s leading developers of battery energy storage systems (BESS), with a 4.7 GW pipeline.
Greenvolt was established in Portugal in June 2002 as an independent power producer and initially focused on production of energy from biomass; it later expanded into generation from other renewable resources. In November 2024, Greenvolt was acquired by KKR and de-listed from Euronext Lisbon. KKR is a global investment firm incorporated in the United States and listed on New York Stock Exchange (NYSE). KKR invests across private markets in every asset class all over the world. As of June 2025, KKR reported USD$ 686 billion in assets under management.
| Private Actor 1 | Private Actor 1 Role | Private Actor 1 Sector | Relation | Private Actor 2 | Private Actor 2 Role | Private Actor 2 Sector |
|---|---|---|---|---|---|---|
| KKR & Co Inc | Parent Company | Finance | owns | Greenvolt Energias Renovaveis, S.A. | Client | Energy |
General IFC Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384
Client - Greenvolt Power Group Sp. z o.o.:
Mr. Adrian Goralski - Director
Phone: +48223782900
Email: info.pl@power.greenvolt.com
Address: Al. Wyscigowa 602-681 Warsaw, Poland
Website: https://power.greenvolt.com
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