The European Investment Bank has backed PGE Polska with funding of €64m to support construction of three new wind farms on the Polish Baltic coast totalling 97MW.
The EIB will provide PGE with a dedicated credit line for a period of up to 17 years and for an amount that represents around 50% of the Klaster project, which comprises the Starza, Rybice and Karnice 2 sites.
Funds will be allocated for the financing of projects, which are 100% eligible under EIB’s climate action objective.
During the credit negotiation process, the EIB said PGE presented its plans for changes in the energy mix, emphasising its commitment to actions aimed at energy transition and planned investments in zero-emission energy sources.
“The EIB will maintain an active dialogue with PGE on its corporate decarbonisation plan and seek ways of further supporting it,” added the bank.
Total construction costs are expected to be €128m for the projects located in the north-west of the Zachodniopomorskie province in the districts of Kamień Pomorski and Gryfice, at a distance of between 3 and 13km from the Baltic Sea shoreline.
Construction operations began in February 2019 and, according to the plans, commercial operations should commence before the end of the first half of 2020.
EIB vice-president Lilyana Pavlova said: “We welcome PGE’s investment plans and its commitment to developing a more sustainable power generation portfolio via a dedicated renewable energy programme. The planned investments will contribute to the gradual decarbonisation of the Polish energy sector.”
PGE management board president Henryk Baranowski said: “With support from the EIB, we are close to completing our investment projects related to new onshore wind capacity. Our ambition is to reach a 25% share in this country’s generation of power from renewable energy sources in 2030.”
He added: “Our first 1 GW wind farm on the Baltic coast is to be completed by 2026, and our offshore project is to provide further capacity of 1.5GW by 2030. That year is also the planned deadline for making available up to 2.5 GW from photovoltaics.”