Release date: 7 December 2023
Promoter – Financial Intermediary
JERONIMO MARTINS POLSKA SALocation
Description
The project supports energy efficiency investments in the retail stores managed by the promoter in Poland.
Additionality and Impact
The proposed operation aims to finance energy efficiency ("EE") investments in food retail stores in Poland.
In general, EE investments in buildings suffer from a chronic lack of investments and relatively high transaction costs due to their fragmentation and small size. The project is expected to deliver very good social benefits reducing GHG emissions and improving air quality, social benefits that are not fully internalized by private investors.
Therefore, the project will support the EU's and Bank's priority in the energy sector, contribute to REPowerEU and to the EIB's climate action objectives. The operation is expected to yield good quality and results, thanks to avoided GHG emissions and fair employment creation. The Promoter is deemed capable of implementing the project considering its overall experience and the application of proven technologies with limited technological risks.
The Promoter appreciates the financial value added provided by the EIB. The long tenor of the EIB loan (8) is well in line with the economic life of the underlying assets and it is perfectly suited to finance investments with long payback period such as the energy efficiency measures implemented by the promoter. The funding of similar scale and maturities is hardly available on the Polish loan market. Customised terms such as flexible drawdown over the long availability period are of value to the Promoter because of the multiannual Project's implementation period. In addition, the EIB has helped the Promoter to request EIB's technical support through the ELENA TA facility to improve the technical preparation, monitoring and enhance the impact of the operation once fully implemented.
Objectives
The aim is to improve the energy performance of the retail outlets and to reduce their energy consumption mainly through major renovations implementing several energy efficiency measures. In turn, the project will improve the environment by reducing GHG emissions.
Sector(s)
- Services - Wholesale and retail trade; repair of motor vehicles and motorcycles
Proposed EIB finance (Approximate amount)
PLN 1500 million (EUR 338 million)
Total cost (Approximate amount)
PLN 2000 million (EUR 451 million)
Environmental aspects
The project will contribute to energy efficiency and thus reduce CO2 and air pollution emissions. It will support the implementation of the Energy Performance of Buildings Directive (EPBD) 2010/31/EU. Implementation will take place in existing stores without changing the scope and would therefore most likely not require an Environmental Impact Assessment (EIA) under the EIA Directive 2011/92/EU (as amended by Directive 2014/52/EU). The EIB will nevertheless review during the project appraisal whether any of the investments could fall under Annex II of EIA Directive, as well as the compliance with applicable EU environmental legislation. The works are deemed to have minor negative environmental impacts during the renovation process that are expected to be mitigated by proper works management. If applicable, works related to asbestos removal must be performed in accordance with the existing regulations for asbestos removal and disposal.
Procurement
As a private company the promoter is not subject to EU rules on public procurement or concessions.
Status
Signed - 30/11/2023
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).