EBRD Lends Funds to Build Two Wind Farms in Poland
Windfarms PolandEBRD

EBRD Lends Funds to Build Two Wind Farms in Poland

Poland is accelerating its transition from fossil fuels with the development, construction and operation of two windfarms with finance from the European

Poland is accelerating its transition from fossil fuels with the development, construction and operation of two windfarms with finance from the European Bank for Reconstruction and Development. The EBRD’s local currency loan of PLN 275 million (EUR 60 million) is financing two separate projects, with a parallel commercial lender, Banco Santander SA, who benefits from a partial guarantee from Denmark’s Export Credit Agency, providing the same amount within a PLN 550 million financing package. Santander Bank Polska is acting as Agent, Security Agent and Account Bank. The first project is the 81.4 MW Banie 3 development in northwestern Poland, where 37 turbines will be built. (The Bank provided finance for Banie 1 and 2 in 2016). The second is at Sepopol in north-eastern Poland, where 20 wind turbines will be constructed with a capacity of 44 MW.

The EBRD loans will be divided between the two farms, with PLN 91.6 million going to Derickar Investments, owner of Sepopol windfarm, and PLN 183.4 million to Gaberpoint Investments, owner of Banie 3. Both are Polish companies ultimately owned the Israeli renewables company Energix Renewable Energies.

Poland is committed to reducing its dependency on generating energy from coal with harmful effects on the environment and human health. Since the country relies on coal for 70 per cent of its electricity generation, it faces one of the most significant energy transition challenges of all the Bank's countries of operations. Poland is actively growing its renewable energy sector, and aims to almost double the proportion of final energy consumption from renewables from 12.2 per cent at the end of 2019 to 23 per cent in 2030. As of 2020, Poland’s installed wind capacity was 6.4 GW, representing 51 per cent of its renewable energy capacity. Polish renewables are expected to grow rapidly over the next two decades, which is also reconfirmed by ambitious targets set by Polish Authorities in the recently approved Energy Strategy.

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