Taiga Poland II

cancelled

Translated version of this PSD: Polish The EBRD is considering making an equity investment of up to €20 million in Taiga Poland II SICAR (“TP II” or the “Fund”), a private equity investment fund to be registered as a partnership limited by shares under the laws of Luxembourg. The Fund will seek equity and equity-related investments in the development and construction of wind power projects in Poland, with the aim to bring such projects to successful commissioning of operation. TP II will have a similar investment focus to the precedent fund, Taiga Poland I, and will benefit from the already existing platform and pre-identified potential target projects. The transition impact and demonstration effects of the proposed project are expected to be achieved by the: (a) support of the development of the private equity for the energy sector, particularly for the renewable energy sector in Poland; (b) expansion of the financial intermediation for the Polish energy and renewable energy sectors; (c) transfer of the relevant technical and operational skills set to the investee projects; (d) promotion and enhancement of high standards of corporate governance and integrity in the investee projects. The Fund will be managed by Taiga Mistral Gestión S.G.E.C.R. S.A., a limited liability company incorporated under the laws of Spain. With a team of 19 professionals based throughout three operational offices (Madrid, Warsaw and Gdansk) Taiga Mistral currently manages four renewable energy focused funds both in Poland (Taiga Poland I) and Spain (Taiga Tres, Taiga Cuatro and Green Alliance Renewable Energy Fund ), totalling c. EUR 150 million of capital commitments. The EBRD is proposing to make an equity investment of up to €20 million. The target Fund size is €75 million. The project has been categorised as FI in accordance to the Bank’s Environmental and Social Policy. An Environmental and Social Due diligence (ESDD) undertaken by an independent consultant has confirmed that the Fund has the institutional capacity to fully implement the applicable Performance Requirements (PRs). Based on the due diligence, the Bank and the Fund have jointly agreed on an environmental, health and safety (EHS) management system aimed at ensuring all projects comply with National EHS standards and industry best practice, including, among others, the best practice guidelines developed by the Polish Wind Energy Association (PWEA). The Fund will not invest in projects which are located in Natura 2000 areas, or will have a material adverse effect on such areas. A further methodology has been developed on future EHS due diligence for new or partially developed wind projects and environmental criteria to be used prior to making a financial investment decision. The Fund will monitor the environmental impact of its operations in accordance with national laws and regulations. The Bank will evaluate the project's compliance with the applicable environmental and social requirements during the lifetime of the project by reviewing annual environmental reports prepared for the each project the Fund invests in. If required, the Bank will carry out monitoring visits and assist the Fund in the due diligence process of any new projects. None. Cristina Tuñon, Investor Relations Taiga Mistral Camino de la Zarzuela, 15 Edificio B – planta 2 28023 Aravaca – Madrid, Spain Tel: +34 91 357 63 10 Fax: +34 91 357 99 41 Email:cristina.tunon@taigamistral.com Mikel Garay, COO Poland Tundra Advisory Sp. z.o.o. 5, Slominskiego str. Loc 259 00-204 Warsaw, Poland Tel: + 48 22 530 94 94 Fax: + 48 22 253 77 30