EDPR has closed a project finance deal for the financing of the development, construction and operation of six wind farms totalling 149MW in Poland.
The six wind farms are geographically dispersed across Poland, throughout the south-eastern, north-western and the northern part of the country.
The Kozlowo and Krasin wind farms are located in Warmian-Masurian province, the Lichnowy and Chojnice projects are in Pomerania, Piatkowo is in Kujawsko-Pomorskie and the Bogoria wind farm is in Swietokrzyskie region.
All six wind farms are part of the sale agreement executed with Mirova, disclosed to the market last August.
The wind farms have been awarded individual 15-year two-sided contracts-for-difference under competitive auctions held in 2018 and 2019.
The banks selected as project finance arrangers were the European Investment Bank (EIB), Banco Santander/Santander Bank Polska and Caixabank.
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, the official Danish Export Credit Agency.
The transaction is part of an €8bn asset rotation programme for 2021-25 announced at the company’s capital markets day, which will “accelerate value creation while reusing capital for reinvestment in new growth”.