LORDS LB 66 MW SOLAR PV PORTFOLIO

Promoter – Financial Intermediary

UAB LORDS LB ASSET MANAGEMENT

Location

• Poland

Description

The project is part of an EIB Programme Loan (2018-0211) that includes a portfolio of 66 independent, small scale, land based photovoltaic (PV) plants. The PV plants, which have an individual nominal capacity of about <=1MW, totaling to ~66M, are geographically dispersed across central-northern Poland, covering areas in the West Pomeranian Voivodeship, Pomeranian Voivodeship, Warmian-Masurian Voivodeship and Kuyavian-Pomeranian Voivodeship, with a larger conglomeration in the first three regions.

Objectives

The development of PV plants supports EU and national targets for renewable energy generation and contributes to the EIB's renewable energy and climate action objectives, as well as to EFSI. Additionally, as investments are located in Poland, the project supports cohesion in the EU.

Sector(s)

• Energy - Electricity, gas, steam and air conditioning supply

Proposed EIB finance (Approximate amount)

PLN 82 million (EUR 18 million)

Total cost (Approximate amount)

PLN 200 million (EUR 44 million)

Environmental aspects

Based on the currently available documentation of the promoter, it appears that the environmentally relevant conditionality set out for the Programme Loan is met for this sub-operation and thus the project would be acceptable for EIB financing in environmental and social terms.

Procurement

The project will enjoy 15-year guaranteed offtake premium, determined by the Polish Energy Regulatory Office following a competitive public auctions. The support scheme under the Renewable Energy Act has received the European Commission's State Aid clearance. The promoter is a private company operating in the utility sector, therefore is not subject to the EU Public Procurement Directives, however it will be required to fulfil the principles of non-discrimination, transparency and fairness for its procurement operations.

Status

Signed - 26/05/2020