R.Power storage

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

An investment of up to PLN 127.8m (EUR 30m) in the green bond issuance by R.Power S.A. ("R.Power" or the "Company") of PLN 530m (EUR 125m) under an independently certified Green Bond Framework.

Project ID 55292

Status Signed

Location

Poland

Business Sector

Energy

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Tomasz Sciesiek
obligacje@rpower.solar
+48 505 264 379
https://rpower.solar/dla-inwestorow/o-grupie-rpower-sa/

Project ID 55292

Status Signed

Location

Poland

Business Sector

Energy

Notice Type

Private

Environmental Category

Approval Date

10 Apr 2024

Disclosure date

31 Oct 2024

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

R.Power storage (Polish) (PDF, 0.33MB)

Project description

An investment of up to PLN 127.8m (EUR 30m) in the green bond issuance by R.Power S.A. ("R.Power" or the "Company") of PLN 530m (EUR 125m) under an independently certified Green Bond Framework.

Project objectives

Proceeds from the bond issuance will be used to finance and refinance capital expenditures for the development, construction and operation of solar photovoltaic, wind, battery energy storage projects on standalone and hybrid basis. Specifically, the Company has committed to invest an equivalent of the Bank's funds in battery energy storage projects in EBRD's Countries of Operations.

Transition impact

ETI Score:66

expected transition impact of the project stems from Resilient and Green, as the operation will (i) enhance energy resilience through the addition of new battery energy storage capacity and (ii) support higher level of renewable energy penetration by providing grid stability and reducing the curtailment of renewable energy installations. The operation is 100% compliant with Green Economy Transition ("GET") approach.

Client information

RPOWER SA

R.Power S.A. is a privately owned developer of utility-scale photovoltaic installations and an independent power producer based in Poland. The Company's current solar PV portfolio includes over 500MW of operating solar capacity and a strong pipeline of assets under construction or at development stage.

Additionality

The Bank's anchor role in this bond placement has provided a valuable signal to the market and contributed towards the successful bond placement. In addition, EBRD has been playing a role in shaping the Company's environmental practices, especially on the solar supply chain front, through past and current cooperation. In addition, R.Power confirmed its intention to introduce a new initiative aimed at promoting professional development of women across the sector.

Environmental & Social Summary

Category B (ESP 2019). The environmental and social due diligence ("ESDD") included a review of information that has been shared equally amongst the parties, including independent ESDD reports, and monitoring of previous investments EBRD has made with R.Power. In addition, the Bank has reviewed the Company's Green Bond Framework and the associated Second Party Opinion as well as has engaged with the Company's management on the E&S governance and supply chain management.

ESDD conducted by EBRD has confirmed that R.Power has established good capacity at management level to implement the future solar and storage project pipeline, concluding that the Company has the existing capacity to implement EBRD's Performance Requirements and a plan in place to further develop capabilities, policies and systems for the identification and development of a future portfolio of projects. EBRD has made a significant positive contribution to R.Power's vision for the governance of E&S issues, particularly supply chain issues. The engagement to date and progress against the Environmental and Social Action Plan ("ESAP") associated with the previous transaction has been good. The ESAP has been updated to reflect the specifics of battery projects including the associated supply chain management and has been incorporated into a framework agreement for the transaction. R.Power has committed to EBRD's guidance on supply chain risks assessments and ensure that appropriate due diligence is undertaken to identify and mitigate environmental and human rights risks. R.Power procurement policies have now been established following guidance and feedback from EBRD.

EBRD will monitor the implementation of the project and direct ongoing engagement with the E&S representatives of the Company, newly appointed in line with the requirement of the previous ESAP. The contemplated updated document will be agreed with the Issuer before the Board considerations. R.Power will verify and publish information on the pipeline implementation in addition to sustainability reporting in line with EU requirements.

The Bank's investment is considered aligned with the climate mitigation goals of the Paris Agreement as it features in the joint MDB "aligned list" and meets accompanying conditions. The investment is deemed not significantly exposed to physical climate risks and is considered Paris aligned for climate adaptation. The project is consistent with the GET approach and meets the GET criteria for Green Bonds including reputable Second Party Opinion confirmation of Green Bond Principles alignment and GET eligibility of activities. The GET share is 100%.

Company Contact Information

Tomasz Sciesiek
obligacje@rpower.solar
+48 505 264 379
https://rpower.solar/dla-inwestorow/o-grupie-rpower-sa/

PSD last updated

31 Oct 2024

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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R.Power storage

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

Additionality

Environmental & Social Summary

Company Contact Information

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)