EIB to finance three wind farm projects in Poland

  • Jan 14, 2020
  • Power Technology

The European Investment Bank (EIB) has agreed to provide credit to PGE Polska Grupa Energetyczna (PGE Group) to finance the construction of new onshore wind farms in Poland with a combined capacity of up to 97MW.

According to the agreement, EIB will provide a credit of up to PLN272.5m (€64m) for the Starza, Rybice and Karnice II wind farms (combined into the Klaster project) on the Baltic coast.

They are located in the north-west of the Zachodniopomorskie province, in the districts of Kamień Pomorski and Gryfice.

The credit to be offered by EIB will have a dedicated period of up to 17 years and the amount will cover approximately 50% of the project cost.

In addition, EIB’s credit for the project is expected to provide a new platform to secure new sources of financing for the green capital expenditure programme, which will be pursued by the PGE Capital Group.

PGE Polska Grupa Energetyczna Management Board president Henryk Baranowski said: “Our annual generation of electricity from wind has increased from 0.1TWh in 2011 to over 1TWh, and we are not finished yet.

“Our ambition is to reach a 25% share in this country’s generation of power from renewable energy sources in 2030.

“Our first 1GW wind farm on the Baltic coast is to be completed by 2026, and our offshore project is to provide further capacity of 1.5GW by 2030.”

Construction operations at the wind farms started in February last year, with commercial operations expected to begin before the end of the first half of this year.

PGE Group’s renewables unit PGE Energia Odnawialna will build the wind farms.

The construction cost for the Klaster wind farm complex is estimated at PLN545m (€128.2m).

Once completed, the wind projects are expected to further diversify Poland’s energy mix and will also support the European Union’s renewable energy target of 32% by 2030.

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