An expansion of Estonian energy company Enefit Green into Poland, with support from the EBRD, is helping drive forward the development of solar energy in a market still dominated by carbon fuel.
A PLN 40 million (€9 million equivalent) loan from the EBRD to Enefit will provide long-term financing for portfolio of up to 19.2 MW of newly completed small solar projects in Poland.
The EBRD loan will help to expand the Polish solar energy sector, which currently lags behind the country’s wind sector but is expected to become a key contributor to the decarbonisation of the country’s energy industry.
The solar power plants are expected to reduce air pollution by cutting annual CO2 emissions by approximately 15,000 tonnes.
The installed renewable capacity in Poland has increased significantly over the past decade, but the country remains dependent on coal for almost 80 percent of its electricity generation. All EU member countries are committed to source at least 32 percent of their final energy consumption from renewable sources by 2030.
Harry Boyd-Carpenter, Director, Head of Energy EMEA for the EBRD said: “The world is rightfully focused on the massive health and economic crisis caused by the COVID-19 pandemic. But climate change remains a fundamental challenge, especially in Poland with its historic reliance on coal for most of its electricity. Alongside its Solidarity Package in response to the coronavirus crisis the EBRD will also continue to work to sustain the momentum of the long-term green transition, supporting strong developers such as Enefit Green.”
The EBRD has been investing in Poland and Estonia since 1991 and has invested almost €10.1 billion in over 425 investments and €710 million in over 89 investments in Poland and Estonia, respectively.
Original source: EBRD
Published on 09 April 2020