Early Warning System

Regions

Europe and Central Asia

Geographic location where the impacts of the investment may be experienced.

Countries

Poland

Geographic location 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

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Dec 3, 2025

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Virya Energy NV

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Energy

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Equity

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 99.16 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 85
Converted using 2025-12-03 exchange rate.

Project Cost (USD)

$ 99.16 million

Bank Documents

Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 19, 2026

Disclosed by Bank Feb 17, 2026

Contribute Information
Can you contribute information about this project?
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Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, the project consists of an equity investment of up to EUR 85 million alongside majority investor Virya Energy NV, a Belgium-based renewable energy company, to acquire a minority stake in Virya Renewables Poland NV, a newly established renewable energy platform focused on investments in Poland.

The investment will finance the acquisition of project rights currently held by Optima Wind sp. z o.o. and Windlight sp. z o.o., as well as the subsequent development, construction, and operation of renewable energy projects in Poland, including an up to 722 MW utility-scale solar PV project.

The minority equity investment will support the development of the NewCo's renewable energy portfolio across Poland. The Bank's use of proceeds is directed towards the portfolio of advanced-stage pipeline, with a focus on the development of greenfield solar power plants in Poland. Environmental and Social Due Diligence (ESDD) was conducted by an independent consultant and included site visits, document reviews, and stakeholder consultations.

The ESDD encompassed both advanced- and early-stage project pipelines within the portfolio. The ESDD confirmed that all necessary permits and approvals are in place, and that the Project is structured to comply with Polish, EU and EBRD requirements. The advanced stage projects are sited on arable land secured through long-term lease agreements, with no physical or economic displacement required.

Projects are across different locations, no cluster is above 400 MW, and none trigger A category. The plants will be connected to substations via new 110 kV high-voltage power lines, with the longest line being approx. 38 km, including a 1.7 km section at 400 kV. All power lines have been confirmed to be underground with limited E&S impacts.

In addition to the advanced stage projects, the portfolio includes several early-stage projects - each at varying stages of development and permitting, and final configuration locations yet to be confirmed. The early-stage portfolio consists predominantly of small-scale solar power plants, each with a capacity of 100 MW or less. Two small wind farms with capacities below 100MW each are at the concept stage, with the exact locations and configurations yet to be determined.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, Virya Renewables Poland NV is a newly established company in Belgium for the purpose of the acquisition of project rights, development and construction of renewable energy projects in Poland.

Virya Energy NV is an internationally operating energy company active in the development, financing, construction, and operation of renewable energy projects. Virya operates 0.7GW of renewable capacity and targets at least 4.3 GW of installed RES capacity globally by 2034. Virya's shareholders are Colruyt Group (30%) and Korys (70%), the Colruyt family office with approx. EUR 5bn assets under management.

Optima Wind Sp. z o.o.is a privately owned Polish renewable energy developer, founded and fully owned by Jean-Claude Moustacakis and Izabela Olendska-Moustacakis, with a 17-year track record in the development, financing, and construction of approximetly 150MW onshore wind projects. Optima Wind manages a portfolio over 3 GW of PV, Wind and BESS projects.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Virya Energy NV	Client	Energy

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Virya Energy NV:

Pieter Marinus
Email: info@virya-energy.com
Phone: +32 2 352 89 59
Website: www.virya-energy.com
Address: Villalaan 96, 1500 Halle, Belgium

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

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 at: 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