RPower BESS Bond

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 R.Power S.A. (“R.Power”, the “Issuer” or the “Company”) is an Independent Power Producer (IPP) focused on utility scale renewable energy projects in Poland (80%+ of its portfolio), Romania and selected EU markets. As of mid-May 2025, it had almost 650 MWp of PV capacity in operations or ready to connect, and around 370 MWp of PV projects under construction. R.Power total grid secured portfolio amounts to 10 GW, including 7.4 GWp PV projects and 2.6 GW BESS projects. R.Power is headquartered in Warsaw, Poland, with 550+ employees and 12 offices across 7 countries in Europe. The Issuer currently seeks an issuance of EUR 50 million 5-year bonds tranche (the “2025 EUR Tranche”) as part of its 1 billion PLN (EUR 235 million) green bond programme, to fund the construction of three standalone Battery Energy Storage Systems (BESS) projects in Poland, with a combined capacity of 650 MW (the “Project”). The project will allow the dispatch of valuable Renewable Energy (RE) accumulated during peak solar production hours to satisfy the demand at other times of the day. BESS 1 (Jedwabno) will have a capacity of 150 MWp, while BESS 2 (Tursko Wielkie) and BESS 3 (Gdansk II) will each have a capacity of 250 MWp. The total land areas leased for each project range from approximately 1.9 to 4.5 hectares. The land requirement for BESS infrastructure varies from 1.5 to 3.6 hectares. The BESS will need to connect to the National Power System using high-voltage underground cables. The specific location and details of the connection will be determined during the network connection and building permit stages. The routes are estimated to require connection lengths from approximately 9.4 to 11 km. The company will need to obtain land use rights for the transmission lines. At the time of IFC’s appraisal, construction on all three plots has not yet started, and construction of BESS 1 is expected to begin by the end of 2025. Construction activities are expected to be completed within 18-32 months from the start, achieving completion in H1 2027 (BESS 1), H2 2028 (BESS 2) and H1 2029 (BESS3).