Greenvolt BESS

pending

Greenvolt Energias Renováveis, S.A. (Sponsor) is an experienced and fast-growing renewables developer and independent power producer (IPP) headquartered in Portugal. The Sponsor has established Magazyn EE Elk sp. z o.o (“Elk”) and Magazyn EE Turosn Koscielna sp. z o.o, (“Turosn”) two special purpose vehicles (SPVs) owned by Greenvolt Power Poland Sp. z o.o. (“Greenvolt Power”) that is wholly owned by Greenvolt Portugal. Greenvolt, a company within KKR's portfolio, is a 100% renewable energy Group with operations spanning across 20 geographies in Europe, North America, and Asia. The Group provides renewable solutions in three core business areas: Sustainable Biomass – producing energy from forest residues and urban waste wood through 7 power plants in Portugal and the UK; Utility-Scale – developing large scale wind, solar PV and storage projects in several European markets, in the USA and Japan, with a total pipeline of 14.1 GW; and Distributed Generation – focusing on B2B solutions for the installation, maintenance and financing of solar PV for individual and collective self-consumption, as well as electric mobility, LED, rooftops, carports, batteries, in several geographies across Europe and Indonesia.Greenvolt Power, part of Greenvolt Group, a global leader in 100% renewable energy, operates in the Utility-Scale segment, specializing in onshore wind, solar, and energy storage. With a strong presence across 19 markets in Europe, North America, and Asia, Greenvolt Power has a current pipeline of 14.1 GW, with 5.1 GW expected to be ready to build by the end of 2025. It is also one of the world’s leading developers of battery energy storage systems (BESS), with a 4.7 GW pipeline. The Sponsor seeks a loan of Euro 75 million from IFC to fund the construction and operation of two standalone greenfield Battery Energy Storage System (BESS) facilities of 200MW nominal capacity each, located in North-East Poland (“The Projects”). Turosn covers an area of 0.9ha and Elk occupies an area of 4.5ha. Both projects are on flat lands close to (sparsely) populated areas. The Projects involve the construction of all components necessary to operate the BESS system (i.e. battery cells, battery system containers, transformer stations, cables, switching station, internal access). The BESS will need to connect to the National Power System using high-voltage overhead cables. Grid connection involves transmission lines of approximately 300m and 700m in length, respectively. The BESS plots at each location are located on agricultural land and leased from individual farmers on mutually agreed terms and will be acquired once construction is complete. For the transmission lines all land is being leased. Land use rights for all but two land parcels have been obtained, and for which negotiations are being finalized.At the time of IFC’s appraisal construction on both sites had started. Construction activities are expected to be completed within 12 months, achieving their commercial operation date (COD) by Q2 2026.