The European Bank for Reconstruction and Development (EBRD) is supporting the expansion of green energy and Poland’s green recovery from the coronavirus pandemic, with a local currency loan of PLN 173 million (€39 million equivalent) to finance two new wind farms with a combined capacity of 59 MW.
The project includes the development, construction and operation under the Polish renewable energy auction support scheme (contract for difference) of a 19 MW capacity wind farm in the north-western village of Krzecin, and one in the village of Kuslin in central-western Poland with a 40 MW capacity.
The loan, which is being co-financed by BayernLB, will be provided to two Polish special-purpose vehicles that are ultimately owned by WKN GmbH, a German renewable energy developer focusing on investments in utility-scale wind projects in Europe. WKN GmbH is owned by PNE AG, a German renewable energy developer listed on the Frankfurt Stock Exchange.
Poland still generates 80% of its energy from coal, with harmful effects on the environment and human health. The country has committed itself to the EU climate and energy targets for 2030, which include a reduction of at least 40% in greenhouse gas emissions. Renewable energy has a key role to play in meeting that goal.
The EBRD is committed to supporting Poland’s green transition with investments in renewable energy and energy efficiency, as part of a green and sustainable economic recovery following the coronavirus pandemic. It started investing in Poland in 1991 and to date has provided more than €10.3 billion through more than 430 projects in all sectors of the economy.