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Pawlowo wind farm project in Poland receives €72 million

PROGRAM / PROJECT NEWS 

19 December 2013 – London, UK and Warsaw, Poland – The European Bank for Reconstruction and Development (EBRD) has announced that it is supporting phase I of the construction and operation of a wind farm in North West Poland with a loan of up to PLN 301 million (€72 million equivalent). The investment will support Poland’s efforts to increase its generation of renewable energy.

Phase I covers the installation of 79.5MW capacity generated by a wind farm located in the municipality of Gołańcz and supported by the EBRD. It is expected to reduce CO2 emissions in Poland by approximately 100,000 tonnes per annum.

131219-pmwj18-poland-IMAGEThe wind farm will be developed, constructed and operated by Relax Wind Park III Sp. z o.o., a subsidiary of EDP Renováveis SA (EDPR), the renewable arm of EDP Group, a leading wind energy producer in the world. The EBRD has built a strong relationship with the company and invested alongside EDPR in Poland and Romania.

Strengthening and expanding the use of wind power is an important contributor to lessening Poland’s dependency on coal- and lignite-fired power generation which represents approximately 88 per cent of the country’s electricity generation. Regulatory uncertainty has recently impeded the further development of the renewables sector despite promising prospects.

The EBRD has played a major role in the development of the renewables sector in Poland and provided finance for several investments. Among them is the 120MW Margonin wind farm, the first renewables investment by EDPR in Poland in 2010. The new Pawlowo wind park is located in the vicinity and a direct follow-on project.

Riccardo Puliti, EBRD Managing Director Energy, said: “The EBRD is pleased to support the expansion of renewable energy in Poland which is crucial to a re-balancing of the country’s energy mix. We are also proud to deepen our successful cooperation with EDPR and are confident that this will set an example for other investors.”

“The new long-term financing agreement with the EBRD confirms the soundness of EDPR’s strategy based on the development of quality projects. It is also important to support the evolution of the Polish wind energy market,” said Rui Teixeira, CFO of EDPR.

To date the EBRD has invested more than €6.3 billion in all sectors of the Polish economy with a combined project value exceeding €33 billion. The Bank continues to support the renewable energy sector with over €1.1 billion invested in nearly 50 projects across its region.  For more information about EBRD projects in Poland, go to http://www.ebrd.com/pages/country/poland.shtml.

The European Bank for Reconstruction and Development (EBRD), established in 1991 to nurture the private sector in Central and Eastern Europe and throughout Central Asia, uses investment to help build market economies and democracies. The EBRD is the largest single investor in the region and mobilizes significant foreign direct investment beyond its own financing. Owned by 61 countries and two intergovernmental institutions, the EBRD provides project financing for banks, industries and businesses.  The EBRD invested €8.7 billion in 388 individual projects in 2012.  For more information about the bank, visit http://www.ebrd.com/index.htm

Based on EBRD news story by Axel Reiserer

Source: EBRD