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

Proposed

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

Sep 20, 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

PL-SUN Sp.z.o.o.

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)

$ 24.65 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 22.5
Converted using 2023-08-11 exchange rate.

Loan Amount (USD)

$ 24.65 million

Project Cost (USD)

$ 49.30 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 15, 2023

Disclosed by Bank Aug 11, 2023

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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 a construction bridge loan of up to EUR 22.5 million to PL-SUN Sp.z.o.o., a holding company incorporated in Poland. The loan will be dedicated for the construction and operation of 114.5MW solar portfolio in Poland. The Project consists of 16 solar PV plants owned through 8 special purpose vehicles under the Company.

The Project will contribute to climate mitigation by adding 114.5MW solar generation capacity to the Polish national energy system.

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, PL-SUN Sp.z.o.o. is a holding company owned by UAB Atsinaujinaniios Energetikos Investicijos ("AEI"), a closed-end fund incorporated in Lithuania with a focus on renewables generation development, and established in Poland to own 8 special purpose vehicles for the purpose of development, construction and operations of a portfolio of 16 solar PV power plants. AEI is managed by Lord LB Asset Management, a Lithuanian investment management company.

As stated on the company's website, Lords LB Asset Management is a premier provider of investment management services to institutional clients and high net worth individuals. Established in 2008, Lords LB Asset Management focuses on real estate and private equity investment strategies. The company currently manages these collective investment undertakings: 13 real estate funds, 1 private capital fund, 1 energy and infrastructure fund and 2 investment companies. The total value of assets managed by the collective investment undertakings reached EUR 871,6 million at the end of December 2022.

UAB Atsinaujinancios Energetikos Investicijos was established on December 7th, 2020.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Lords LB Asset Management	Parent Company	Finance

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.

Parent Company - Lords LB Asset Management:

Grete Bukauskaite
Email: info@lordslb.lt
Phone: +370 5 261 94 70
Website: https://lordslb.lt/en/fund/uab-atsinaujinancios-energetikos-investicijos/
Address: Jogailos str. 4, LT-01116 Vilnius, Lithuania

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