Eko-Okna

Project Description

Provision of a long term senior loan of up to EUR 90m in favour of Eko-Okna S.A. (the “Company”), a Polish producer of windows and door joinery. EBRD proceeds will be invested into expansion of capacity to manufacture energy efficient windows and doors that will be EU Taxonomy aligned. The Loan will be part of a larger consortium. 

Project Objectives

Upon the successful completion of this Project, the Company will be able to increase the supply of windows and doors with high insulating parameters that will play a pivotal role in EU plan to reach carbon neutrality of buildings until 2050.

Transition Impact

ETI score: 60

The expected transition impact of the project is derived from the Green quality, as the Project will support the production of efficient windows and doors that are aligned with EU Taxonomy criteria. 

Client Information

EKO-OKNA SA

Eko-Okna S.A. is the 2nd largest European producer of energy efficient windows and door joinery, meeting highest EU standards of thermal insulation and reducing amount of heat lost. The Company operates 9 production and storage plants in southern Poland, which consist of 86 production lines run by about 11.5k employees. 

EBRD Finance Summary

EUR 90,000,000.00

EBRD is providing a term loan in the amount of up to EUR 90 million.

Total Project Cost

EUR 808,000,000.00

The Project consists of debt financing, financial leases as well as Company contribution.

Additionality

The Bank’s additionality derives from filling the market funding gap that is needed to structure the Project. EBRD offers financing that is not widely available in the market from commercial lenders, corresponding with the longest financing tenor among the consortium.

Environmental and Social Summary

Categorised B (2019 ESP) and Low-Medium risk. The proceeds of the Bank’s investment will be used for capacity expansion and modernization of existing machinery, in order to strengthen its competitive position, achieve economies of scale at the new locations, by expansion of manufacturing sites producing EU Taxonomy aligned products i.e. windows with superior thermal insulation parameters.

The expected environmental and social risks are limited, generally site specific and can be avoided or mitigated by adhering to relevant performance standards, procedures, guidelines or design criteria. The ESDD was performed through completion of the ESD Questionnaires, and analysing the data provided (Company presentation, project description, various licences obtained, organogram, etc).

The Project being operated by Eko-Okna S.A., the 5th 2nd largest European producer of energy efficient windows and door joinery, meeting highest EU standards of thermal insulation and reducing amount of heat lost.

The ESDD concluded that the Group and the Company are committed to minimising environmental and social (E&S) risks associated with the Project and the Company thrives to continuously improve its operations from an environmental and social (E&S) perspective. The Borrower’s overall capacity, and related Environmental, Health & Safety and Security management systems, are generally aligned with the Bank’s Performance Requirements (PRs). Whilst the project is generally structured to meet the EBRD PRs, the ESDD has identified a number of gaps that have been included in the Environmental and Social Action Plan (ESAP).

No significant land acquisition impacts was noted for the Project area, as the land was legally acquired by the client through voluntary agreement.

Implementation of the Stakeholder Engagement Plan is considered adequate to maintain the existing relations in a more systematic manner through improved record keeping.

The ESAP actions include amongst others, to ensure that national environmental permit requirements are fulfilled during project implementation; Implementation of good site practices for air quality management as well as housekeeping; Upgrade Water treatment station; Deliver refresher OHS trainings to the contractors during the project construction and refresher OHS trainings to Eko-Okna staff during operation as well as undertake periodic inspection dedicated to assessment of implementation of the OHS requirements. The Bank will monitor the project through Annual Environmental and Social Reports.

Technical Cooperation and Grant Financing

None.

Company Contact Information

Andrzej Juszczynski – CFO
andrzej.juszczynski@ekookna.pl
+48 (32) 459 15 00
http://ekookna.pl/
Kornice, ul. Spacerowa 4
47-480 Pietrowice Wielkie

PSD last updated

08 Nov 2023

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD’s Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank’s countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.