EU bank lends €64m to support wind farms in Poland

  • Jan 21, 2020
  • Energy Livenews

The European Investment Bank (EIB) has agreed to lend up to €64 million (£54m) to support the construction of onshore wind farms in Poland.

PGE Polska Grupa Energetyczna has entered into a credit agreement with the EIB to finance three wind farms – Starza, Rybice and Karnice II, combined into the Klaster project – with a total installed capacity of up to 97MW.

The EIB will provide PGE Energia Odnawialna – a company owned by the PGE Group dedicated to renewable energy – with a dedicated credit line for up to 17 years and for an amount that represents around 50% of the project costs.

Henryk Baranowski, President of the Management Board of PGE Polska Grupa Energetyczna said: “Our annual generation of electricity from wind has increased from 0.1TWh in 2011 to over 1TWh and we are not finished yet. With support from the EIB, we are close to completing our investment projects related to new onshore wind capacity.

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

The company’s first 1GW wind farm on the Baltic cast is expected to be completed by 2026 and its offshore project is to provide further capacity of 1.5GW by 2030.

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