(BRIEF) The European Bank for Reconstruction and Development (EBRD) is offering a monetary package of up to PLN 126. 1 million (€29 million) to Eurowatt subsidiaries Green Energy Group SA, Baltic Sea Polska II sp. z o. o. z o. o. et C
(PRESS RELEASE) LONDON, January 10, 2024 — /EuropaWire/ — The EBRD extends a monetary package of up to PLN 126. 1 million (equivalent to €29 million) to Baltic Sea Polska II sp. zoo. y C
The Bank’s financing will be divided, with a maximum of PLN 80 million (equivalent to €18. 4 million) allocated to the structure and operation of a 31. 5 MW wind farm in Grabkowo, with the remaining amount up to PLN 46. 1 million (€10. 6 million). ), will be granted to the operations of the 37. 5 MW Orla wind farm financed by the EBRD. The EBRD financing will be complemented by equivalent 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 manufacturer of renewable energy in France. It has a total installed capacity of around 500 MW and a development pipeline of more than 1. 5 GW. Wholly owned by Virya Energy, Eurowatt 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 one of the largest institutional investors in Poland. Since the start of its operations in the country 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 in 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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