EBRD loan puts some wind into Poland’s renewables
February 11, 2014
The European Bank for Reconstruction and Development (EBRD) is supporting with an investment loan a 37.5MW wind farm project in Orla, eastern Poland, which will save approximately 57,400 tonnes of CO2 a year in a country dominated by coal and lignite-fired plants,
EBRD said in a press release on Monday.
The loan of up to PLN 94 million (EUR 22million) will be used for the financing of the construction and operation of phase one of the project, which will install a total capacity of 22.5MW.
Construction of the first phase is expected to be finalized in December 2014, while the final phase is scheduled for completion in mid-2015.
At full capacity, the wind farm will consist of 15 Nordex turbines N100 2.5 MW which will be able to generate a maximum of 37.5 MW and will save approximately 57,400 tonnes of CO2 a year.
The project is of special significance, EBRD said, as power generation in Poland remains dominated by coal and lignite-fired plants and the country is lagging behind its green energy targets agreed with the European Commission. To reach the 20% share of renewable energy in the total energy mix in 2021 as mandated by the government, a major push is required to reinvigorate the renewables sector, whose expansion has so far been severely affected by regulatory uncertainty.
“The EBRD‘s loan is intended to overcome the gap in available funds by providing financing and comfort to private investors,” EBRD said.
Grzegorz Zielinski, EBRD Renewables Coordinator, said: “We are proud to support the development of the wind farm in Orla as this project is fully in line with our efforts to strengthen green energy in Poland. We have a strong track-record in the sector and with this project will be able to build on our experience and expertise.”