(BRIEF) The European Bank for Reconstruction and Development (EBRD) is providing financing of up to PLN 126. 1 million (equivalent to €29 million) for the expansion of renewable energy capacity in Poland. The financing will be used to build a 31. 5 MW Grabkowo wind farm and maintain the operation of the 37. 5 MW Orla wind farm, financed by the EBRD. PKO Bank Polski will provide co-financing in equivalent actions. This investment is part of Poland’s transition away from coal and will help reduce carbon emissions. It also demonstrates the viability of private renewable energy projects and diversified profit streams to fill the sector’s financing gaps. Eurowatt Green Energy Group, the parent company of the project’s subsidiaries. , has extensive experience in renewable energy development and aims to reinvest in other renewable energy projects, potentially in Central and Eastern Europe.
(PRESS RELEASE) LONDON, 23 January 2024 — /EuropaWire/ — The EBRD is extending funding of up to PLN 126. 1 million (equivalent to €29 million) to Baltic Sea Polska II sp. z o. o. zoo. et C
The Bank’s financing will be split, with up to PLN 80 million (€18.4 million equivalent) destined for the construction and operation of a 31.5 MW windfarm in Grabkowo, and the remaining sum of up to PLN 46.1 million (€10.6 million) extended to sustain the operations of the 37.5 MW EBRD-financed Orla windfarm. The EBRD’s financing will be complemented by equal co-financing from PKO Bank Polski.
The EBRD’s investment also supports the ongoing energy transition as the country moves away from its reliance on coal. The continued progression and continuity of assets such as the Grabkowo and Orla wind farms are key to the transition of the Polish energy sector. The Grabkowo wind farm is expected to generate more than 83 GWh of renewable energy per year, avoiding more than 59,000 CO2 emissions per year.
The Grabkowo wind farm demonstrates that private renewable energy projects can be viable without major subsidies. It is based on an advertising fee system in addition to the government-backed CFD auction system. The investment also shows how the funding hole for renewable projects can be reduced. It is achieved by combining projects that employ profit streams, in order to avoid excessive regulatory or market risks.
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In addition to its activities in Belgium, Poland, Portugal and Spain, Eurowatt is an independent renewable energy manufacturer based in France. It has a total installed capacity of around 500 MW and a project portfolio of more than 1. 5 GW. Eurowatt, wholly owned by Virya Energy, manages the group’s onshore renewable energy activities (excluding hydrogen) in Europe.
Virya Energy is a fully incorporated platform, active in wind, solar, storage, hydrogen and power installations and has more than 1. 2 GW of renewable energy capacity in operation. With strong monetary capacity to help its growth, Virya Energy aims to drive the energy transition by expanding the use of new technologies in the sector.
The agreed financing package will allow Eurowatt to release and recycle capital and reinvest fairly in other renewable energy projects, adding the possibility of additional investments in Central and Eastern Europe.
The EBRD is among the leading institutional investors in Poland. Since the start of its operations there in 1991, the Bank has invested more than €13.9 billion in 515 projects in the country. Supporting Poland’s transition to a low-carbon economy and further developing its capital markets and private sector are two key priorities of the EBRD’s work in Poland.
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SOURCE: EBRD
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