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EIB to provide 50% financing to help PGE build 3 wind farms in Poland

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EIB to provide 50% financing to help PGE build 3 wind farms in Poland

PGE Polska Grupa Energetyczna SA entered a credit agreement with the European Investment Bank for up to 272.5 million Polish zlotys of green financing to construct three new onshore wind farms on the Baltic coast in northern Poland, with the aim of decarbonizing the country's energy sector.

The wind farms — Starza, Rybice and Karnice II — will have a combined capacity of up to 97 MW and are 100% eligible under the EIB's climate action objective. When operational before the end of the first half, the projects would increase the company's combined installed wind capacity by 18% to about 650 MW.

The EIB will provide PGE with a credit line for around 50% of the project construction cost, estimated at a total of 545 million zlotys, for up to 17 years, with co-financing to be implemented by PGE Group's PGE Energia Odnawialna SA unit dedicated to renewable sources of energy.

"Our annual generation of electricity from wind has increased from 0.1 TWh in 2011 to over 1 TWh, and we are not finished yet. Our ambition is to reach a 25% share in this country's generation of power from renewable energy sources in 2030," PGE President Henryk Baranowski said in a Jan. 13 news release.

Baranowski further added that the company's first 1 GW wind farm on the Baltic coast is to be completed by 2026, and its offshore project is to provide further capacity of 1.5 GW by 2030.

The EIB recently provided €45 million in financing to an EDP Renováveis SA subsidiary to build three wind farms in Portugal with a combined capacity of 96 MW.

As of Jan. 10, US$1 is equivalent to 3.81 Polish zlotys.