The EBRD is extending a financial package of up to Pln126m ((€29m) to support renewable energy capacity in Poland developed, constructed and operated by Eurowatt.
The investment will finance the construction of the Grabkowo wind farm and sustain operational needs of EBRD-financed Orla wind farm.
The bank’s financing will be split, with up to Pln80m (€18.4m) destined for the construction and operation of the 31.5MW wind farm in Grabkowo.
The remaining sum of up to Pln46.1m (€10.6m) will be extended to sustain the operations of the 37.5MW Orla wind farm.
The EBRD’s financing will be complemented by equal co-financing from PKO Bank Polski.
The Grabkowo wind farm proves that private renewable energy projects can be viable without substantial subsidies.
It relies on a commercial offtake structure in addition to the government-supported contract-for-difference auction scheme.
C&C Wind and Baltic Sea Polska 2 are special-purpose companies incorporated in Poland and created with the sole purpose of developing, constructing and operating the Orla and Grabkowo wind farms, respectively.
Both are owned by Eurowatt, a wholly owned business of Virya Energy.
In addition to its activities in Belgium, Poland, Portugal and Spain, Eurowatt is an established independent producer of renewable energy in France.
It has an overall installed capacity of approximately 500MW and a development pipeline of more than 1.5GW.
The financing package concluded will enable Eurowatt to free up and recycle capital and reinvest equity into further renewables projects, including the possibility of more investments in central and eastern Europe.