The European Bank for Reconstruction and Development (EBRD) is providing five loans totalling €63m to support French renewable energy developer Qair’s portfolio of almost 200MW of projects in Poland.
BNP Paribas is also providing project finance lending to the portfolio on a parallel basis.
The portfolio includes three wind farms to be built – 50MW Udanin, 9MW each Parzeczew and Wrzesnia – and 25MW of solar, as well as the operational of 58MW Linowo and 48MW Rzepin wind farms.
The EBRD loans will be provided to five Polish special-purpose vehicles that are ultimately owned by Qair and the French infrastructure fund RGreen Invest.
EBRD director and head of energy EMEA Harry Boyd-Carpenter said: “While so many efforts are rightly focused on addressing the Covid-19 crisis, it is also vital to sustain the momentum behind the green transition.
“Climate change may now feel less immediate, but it is every bit as serious a challenge.
“By providing long-term finance under the current circumstances, the EBRD is making a significant contribution to Poland’s energy transition and demonstrating its commitments to its partners and strategic goals.
“We are delighted to engage for the first time with such strong partners as Qair and RGreen Invest in this.”
Qair founder and chairmanJean-Marc Bouchet said: “From its beginning, Qair has been focused on the energy transition by developing, building and operating renewable assets in France, Europe and the rest of the world.
“These financings from the EBRD and BNP Paribas of operating and new assets in Poland are a clear sign that Qair’s lifelong commitment to promoting green electricity is more relevant than ever and that the strategy that Qair has been pursuing in Poland for over five years is coming to fruition.”