EIB’s Green Loan of c. 66 MEUR (c. 304 MPLN) is the biggest EIB investment in onshore wind farms in Poland.
EDP Renewables’ (EDPR) six onshore wind farms will be located in different regions across Poland.
The European Investment Bank has signed a Green Loan for c. 66 MEUR (c. 304 MPLN) with six special purpose vehicles owned by EDP Renewables (EDPR) to support the construction and operation of six medium-sized onshore wind farms with a total nominal capacity of 150 MW in Poland.
The six onshore wind farms financed by EIB are geographically located mainly throughout the north (Kozlowo, Krasin, Lichnowy, Chojnice and Piatkowo wind farms) and the south (Bogoria wind farm) of the country.
The onshore wind farms have been awarded individual 15-year two-sided contract-for-differences (CfD) under competitive auctions held in 2018 and 2019. The CfD scheme is Poland’s main mechanism for supporting low-carbon electricity generation. Their implementation presents a strong case for an EIB financing in line with the Climate Action objectives of the Bank. The project is also the first in Poland to benefit from an EIB Green Loan, the features of which are fully in line with the requirements set out in its climate awareness bonds programme.
The EIB investment will cover close to 50% of total senior debt – the remaining debt amount being provided jointly by Banco Santander and Caixabank Poland, partly backed by an ECA guarantee provided by EKF.
EIB Vice-President, Prof. Teresa Czerwinska, said: “Energy transformation is one of the major tasks for the future. The European Investment Bank, being EU Climate Bank, is delighted to co-finance EDPR’s wind farms’ project. We strongly believe that by investing in the diversification of the energy sector in Poland, we support the Climate Action and improve the quality of life of the society.”
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. The bank finances projects in four priority areas – infrastructure, innovation, climate and environment, small and midi-sized companies (SMEs). In 2020, the EIB Group provided €5.2 billion in financing to projects in Poland.
EDP Renewables (Euronext: EDPR), is a global leader in the renewable energy sector and the world's fourth-largest renewable energy producer. With a sound development pipeline, first class assets, and market-leading operating capacity, EDPR has undergone exceptional development in recent years and is present in 26 international markets across Europe, Latin America, North America and Asia.
During COP 25, the 25th annual Conference of Parties to the United Nations Framework Convention on Climate Change, the EIB has announced that it has provided EUR 45 million to Eólica da Linha, S.A, fully owned by EDP Renováveis S.A (EDPR), to build three wind farms in Portugal. These wind farms have a total nominal capacity of 96 MW creating 240 jobs during the implementation phase. Banco Português de Investimento (BPI) is co-financing the project
The EIB will provide €65 million and BPI an additional €47 million to EDP Renováveis S.A. (EDPR), one of the main producer of wind energy in the world, to finance the construction and operation of two onshore wind farms with a total nominal capacity of 125 MW in the districts of Coimbra and Guarda, Portugal. The project is co-financed by Banco BPI and the EIB financing is backed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.
The European Investment Bank has agreed to provide a PLN 178m (EUR 45m) loan for the 120MW Margonin wind farm in northwest Poland. This will make a significant contribution to helping Poland reach it stated goal of generating 20% of electricity from renewable sources by 2020. The Margonin wind farm will comprise 60 wind turbines with a generating capacity of 2MW each. The project will also include infrastructure to connect the windfarm to the high voltage Polish electricity grid managed by national electricity company PSE.