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

Nov 20, 2024

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

PGE Baltica 6 Sp. z o.o. (PGE Polska Grupa Energetyczna 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)

$ 33.39 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 30
Converted using 2024-08-20 exchange rate.

Loan Amount (USD)

$ 33.39 million

Bank Documents

Other Related Projects

EIB-20210720 PROJECT NEPTUNE - OFFSHORE WIND FARMS POLAND

Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 17, 2024

Disclosed by Bank Aug 20, 2024

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.

According to the EBRD, the project consists of up to EUR300 million non-recourse long-term senior loan in favour of PGE Baltica 6 Sp. z o.o., to finance the construction and operation of the 1.5GW offshore wind farm located in the Baltic Sea in Poland. The Bank's financing will be provided alongside multiple commercial banks, export agencies and development banks.

The Project represents the largest offshore wind farm envisaged in the first phase of the offshore rollout in Poland (which covers 5.9 GW across 8 projects). Once constructed, the Project is expected to generate 5 TWh of electricity annually, contributing approx. 3.6 million tonnes of CO2 in annual savings. The Bank proceeds will be used to finance the Project's capital expenditure.

This is the second and the largest offshore project in the Bank's countries of operation (CoOs). Through this Project, EBRD will send a positive signal to the market and will have the opportunity to continue to extend its support to Poland's ambitious plans to meet the target of at least 42.5 per cent of final energy consumption from renewable sources by 2030. In this context, the proposed offshore rollout is key to achieving this goal.

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, the Project is a joint venture between PGE Polska Grupa Energetyczna S.A., a Polish energy utility, and Orsted A/S, one of the global offshore industry leaders.

PGE Baltica 6 Sp. z o.o., a subsidiary of PGE Polska Grupa Energetyczna, is a limited liability company organised in Poland, holding 50% shares of Elektrownia Wiatrowa Baltica-2 Sp. z o.o. (the "Project Co"). The Project Co is a special purpose vehicle, incorporated in Poland, established for the sole purpose of the development, construction, and operation of the Project. The remaining 50% of the Project Co is indirectly owned by Orsted A/S.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
Orsted A/S	Client	Energy	contracts with	PGE Polska Grupa Energetyczna SA	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 - PGE Baltica 6 Sp. z o.o. (PGE Polska Grupa Energetyczna S.A.):

Marcin Poznan - Senior Communication Expert at PGE S.A.
Email: marcin.poznan@gkpge.pl
Phone: + 48 887 856 620
Website: www.baltica.energy and https://pgebaltica.pl/

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