EIB finances wind farm project in Poland

More wind farms will see the light near the Baltic coast in Poland. The European Investment Bank (EIB) has signed a loan agreement with Pomerania Wind Farm sp.z o.o., a subsidiary of Ignitis Renewables, which is part of Ignitis Group, a large-scale Lithuanian energy company.

The EIB has agreed to lend PLN 258m (approx. EUR 60m) for the construction and operation of a medium-size onshore windfarm, consisting of 29 turbines, with a total installed capacity of 94 MW. The loan will cover around 47 % of the project investment costs. The EIB financing is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe, in which the European Commission and the EIB are strategic partners.

The wind park is located in the Pomeranian Voivodship, approximately 50 km from the coastline of the Bay of Gdansk, in the municipalities of Dzierzgon and Stary Targ. Works have already started in July last year, and the project is expected to be operational in the spring of 2021. The wind park has an expected capacity of 300 GWh of electricity, potentially supplying around 75,000 households with the clean energy generated by the project, on an annual basis.

EIB Vice-President Teresa Czerwińska commented: “There is huge potential for generating energy from renewable sources in Poland, and this project is yet another example of how wind farms can contribute to the country’s energy mix and sustainable development. The EIB has considerable expertise in financing wind energy around the world. With our new Energy Lending Policy, we are committed to supporting even more such projects and we are happy that this particular project is very much in line with our climate objectives”.

In 2019, the EIB invested around EUR 4bn in renewable energy projects around the world, of which €945m for onshore wind farms.

Original source: EIB
Published on 10 March 2020