PUMPED STORAGE HYDRO POWER PLANT MODERNISATION (EIB-20230937)

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
Katowice
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 Investment Bank (EIB)
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
U
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 13, 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 Energia Odnawialna SA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Hydropower
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)
$ 258.70 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 1000
Converted using 2024-09-13 exchange rate.
Loan Amount (USD)
$ 258.70 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 1000
Converted using 2024-09-13 exchange rate.
Project Cost (USD)
$ 359.85 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 1391
Converted using 2024-09-13 exchange rate.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ EIB website

Updated in EWS Sep 30, 2024

Disclosed by Bank Jul 10, 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.

According to the EIB, this is an allocation under framework loan 2023-0621 - PGE REPOWEREU FRAMEWORK LOAN concerning the Rehabilitation and modernization of 500MW pumped storage
hydropower plant located in southern Poland.

The existing pumped storage hydropower (PSH) plant was commissioned in 1979 and features four vertical pump-turbine units with a total pumping capacity of 540 MW and generating capacity of 500 MW.
Under this operation it is planned to execute a major overhaul of the electro-mechanical and control equipment of the plant inside the cavern (underground) powerhouse, as well as the renovation of the upper artificial reservoir’s sealing, of water conveyance tunnels and of hydraulic steelworks.
The plant, especially the concerned equipment, reached the end of its technical lifetime and is in need for thorough overhaul and partial replacement to extend the plant’s lifetime by several decades, and to improve overall efficiency and flexibility.
All planned project measures, including the renovation of civil and hydraulic structures, will take place within the premises of the existing PSH plant. No extensions and no additional land use is foreseen.

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 on the company's website, PGE Energia Odnawialna S.A. is a subsidiary of PGE Polska Grupa Energetyczna S.A. - the largest energy holding company operating on the Polish market and one of the largest entities of this type in Central and Eastern Europe. The company was established in 1993 and at the beginning it was called Elektrownie Szczytowo-Pompowe S.A.

As stated by Bloomberg, PGE Polska Grupa Energetyczna S.A. is an integrated electric company. The Company focuses on construction and operation of transmission grids and pumped-storage power stations. PGE Polska Grupa trades in electricity and energy system services on the domestic and international markets, as well as power dispatching and the operation of the national power system.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
PGE Polska Grupa Energetyczna SA Parent Company Energy owns PGE Energia Odnawialna 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.

No project contacts provided at the time of disclosure.

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.eib.org/en/infocentre/registers/request-form/request-form-default.htm

ACCOUNTABILITY MECHANISM OF EIB

The EIB Complaints Mechanism is designed to facilitate and handle complaints against the EIB by individuals, organizations or corporations affected by EIB activities. When exercising the right to lodge a complaint against the EIB, any member of the public has access to a two-tier procedure, one internal - the Complaints Mechanism Office - and one external - the European Ombudsman. A complaint can be lodged via a written communication addressed to the Secretary General of the EIB, via email to the dedicated email address: complaints@eib.org, by completing the online complaint form available at the following address: http://www.eib.org/complaints/form via fax or delivered directly to the EIB Complaints Mechanism Division, any EIB local representation office or any EIB staff. For further details, check: http://www.eib.org/attachments/strategies/complaints_mechanism_policy_en.pdf

When dissatisfied with a complaint to the EIB Complaints Mechanism, citizens can then turn towards the European Ombudsman. A memorandum of Understanding has been signed between the EIB and the European Ombudsman establishes that citizens (even outside of the EU if the Ombudsman finds their complaint justified) can turn towards the Ombudsman on issues related to 'maladministration' by the EIB. Note that before going to the Ombudsman, an attempt must be made to resolve the case by contacting the EIB. In addition, the complaint must be made within two years of the date when the facts on which your complaint is based became known to you. You can write to the Ombudsman in any of the languages of the European Union. Additional details, including filing requirements and complaint forms, are available at: http://www.ombudsman.europa.eu/atyourservice/interactiveguide.faces

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