Poland - Grabkowo and Orla windfarms (EBRD-54357)

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.
Specific Location
Grabkowo, Orla
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
Nov 15, 2023
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
Baltic Sea Polska II sp. z.o.o., C&C Wind sp. z.o.o. (Eurowatt Green Energy Group S.A.)
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)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 29.16 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 PLN 126.07
Converted using 2023-09-22 exchange rate.
Loan Amount (USD)
$ 29.16 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 PLN 126.07
Converted using 2023-09-22 exchange rate.
Project Cost (USD)
$ 87.07 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 PLN 376.43
Converted using 2023-09-22 exchange rate.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 8, 2023

Disclosed by Bank Sep 22, 2023

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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 involves the provision of two senior secured loans to Baltic Sea Polska II sp. z.o.o. and C&C Wind sp. z.o.o., special purpose companies incorporated in Poland. The loan proceeds will finance the continued operation of the 37.5MW Orla windfarm (originally constructed and financed in 2015 and owned by C&C Wind sp. z.o.o.) and the construction and operation of the 31.5MW Grabkowo windfarm (owned by Baltic Sea Polska II sp. z.o.o.).

The Project will contribute to climate mitigation by adding 31.5MW wind generation capacity to the Polish national energy system. Wind and solar farms are critical to Poland in achieving its ambitious decarbonisation goals and their rapid development is key to diversifying away from hydrocarbon reliance. In addition, the Project will strengthen the private sector's role in the renewable energy sector in Poland.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
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, Baltic Sea Polska II sp. z.o.o. and C&C Wind sp. z.o.o. are special purpose companies incorporated in Poland for the sole purpose of constructing and/or operating the Grabkowo and Orla windfarms. The Borrowers are 100% owned by Eurowatt Green Energy Group S.A. ("Sponsor"), an independent renewable energy producer established in 1994 and engaged in the development, construction and operations of on-shore renewable energy assets across Europe. The Sponsor operates a portfolio of approximately 500MW of renewables (mainly windfarms) across France, Belgium, Portugal, Spain & Poland and has a development pipeline of over 1.5GW.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Eurowatt Green Energy Group S.A. Parent Company 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 - Eurowatt Green Energy Group S.A.:

Stanislaw Popow
Email: s.popow@eurowatt.com
Phone: +48 601 202 662
Websites: https://www.eurowatt-orla.com/en, https://www.eurowatt-potegowo.com/en

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

How it works

How it works