As reported by New Europe, the European Bank for Reconstruction and Development (EBRD) said on November 24 that the bank 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 euros equivalent) to finance two new wind farms with a combined capacity of 59 MW.
According to the EBRD, the project includes the development, construction and operation under the Polish renewable energy auction support scheme (contract for difference) of a wind farm in the north-western town of Krzęcin with a capacity of 19 MW and one in the town of Kuślin in west-central Poland with a capacity of 40 MW.
“We are very pleased with this first cooperation between the EBRD and WKN to help Poland advance its green transition journey, and we look forward to further strengthening the relationship in the future,” said the EBRD Regional Director for Central Europe and the States Baltics, Grzegorz Zielinski. . “We have already made a significant contribution to the expansion of environmentally friendly wind power in Poland with major projects, and this project is intended to be a more positive step. We are delighted with the cooperation with the EBRD, “said Roland Stanze, Managing Director of WKN,” he added.
The EBRD said that the loan, which is being co-financed by BayernLB, will be made to two Polish special-purpose vehicles that are ultimately owned by WKN, a German renewable energy developer that focuses on investments in large-scale wind projects in Europe. WKN is owned by PNE, 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 to the EU’s 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 reaching that goal.
The EBRD said the bank 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 from the coronavirus pandemic. The EBRD 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.