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.

Specific Location

Polish Economic Exclusive Zone of the Baltic Sea, Leba

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

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 11, 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

MFW Baltyk III sp. z o.o. (Polenergia SA and Equinor ASA)

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

Sectors

Construction
Energy

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

Investment Amount (USD)

Not Disclosed

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.

Bank Documents

Environmental and Social Impact Assessment

Other Related Projects

EBRD-55904 Baltyk II offshore wind

Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 11, 2024

Disclosed by Bank Oct 8, 2024

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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 a non-recourse long-term senior debt in favour of MFW Baltyk III sp. z o.o., to finance the construction and operation of the 720MW Baltyk III 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 is part of the first phase of the offshore wind farm rollout in Poland which covers 5.9GW across 8 projects. Once constructed, the Project is expected to generate 2.5 TWh of electricity annually, contributing approx. 1.8 million tonnes of CO2 in annual savings. The Bank proceeds will be used to finance the Project's capital expenditure.

The transition impact arises from delivering climate mitigation benefits through the construction of 720MW of additional renewable energy generation capacity in Poland expected to generate c. 2.5TWh of electricity per annum (being the equivalent of the electricity consumption of over one million Polish households).

This is the third offshore wind 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 timely rollout is key to achieving this goal.

Each of the offshore wind farms (Baltyk II and Baltyk III) will consist of 50 wind turbines (100 in total), 1 offshore substation (2 in total) and inter-array cables. The connection infrastructure for each offshore wind farm will consist of high voltage cable lines and an onshore substation. The Projects have been subject to a National Environmental Impact Assessment (EIA) process for both windfarms and their connection infrastructures (offshore and onshore export cables, onshore substation) and environmental permits have been issued by the Competent Authorities in Gdansk. The Projects have obtained all building permits for offshore windfarms and connection infrastructure.

The construction of the Operations and Maintenance Base in the Port of Leba will serve to prepare a base providing facilities for the operation of offshore wind farms. An installation terminal will be located at the port of Rohne. This port will serve multiple future offshore windfarms. Consequently it has been excluded as an associated facility to the Project. Cable routes of both offshore wind farms are designed in the common corridor to limit habitat fragmentation and other E&S impacts.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

Information on project cost and investment amount not provided at the time of disclosure.

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, MFW Baltyk III sp. z o.o. is a limited liability company organised in Poland for the purpose of construction and operation of the Baltyk II offshore wind farm. The Company is a joint venture between Polenergia S.A. and Equinor ASA.

As stated by Bloomberg, Polenergia SA is an independent electricity producer. The Company manages electricity generating plants for their owners.

Equinor ASA operates as an energy company. The Company develops oil, gas, wind, and solar energy projects, as well as focuses on offshore operations and exploration services. Equinor serves customers worldwide.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
Equinor ASA	Client	Energy	contracts with	Polenergia 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 - MFW Baltyk III sp. z o.o. (Polenergia SA and Equinor ASA):

Marta Porzuczek
Email: Marta.Porzuczek@polenergia.pl
Phone: +48 609 909 702
Website: https://baltyk123.pl/
Address: Polenergia S.A., ul. Krucza 24/26, 00-526 Warszawa

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