Poland, Sept. 21 -- The European Bank for Reconstruction and Development (EBRD) is supporting the development of Poland's renewable energy capacity by extending a €140 million loan to Baltic Power to finance the construction of the country's first offshore wind farm.
The EBRD's financing is provided alongside that from a large number of international and local commercial lenders, the European Investment Bank (EIB) and export credit agencies.
Once operational, the wind farm, which will have a capacity of up to 1.2 GW, is expected to generate electricity equivalent to 4,000 GWh or approximately 2-3 per cent of Poland's current electricity generation. It will help to avoid approximately 2.8 million tonnes of CO2 emissions annually. The project is a landmark transaction for the EBRD, central Europe and Poland, representing a significant step in the transformation of Poland's energy sector.
Poland has committed to substantial decarbonisation goals and, in line with the wider European energy sector, is targeting offshore wind power to increase electrification and reduce its coal-fired energy generation.
Baltic Power is a special purpose vehicle incorporated in Poland to develop, build and operate the wind project in the Baltic Sea. It is jointly owned by ORLEN, the Polish multi-utility company, and Northland Power, a Canadian independent power producer with significant experience in offshore wind. Published by HT Digital Content Services with permission from Pivotal Sources. For any query with respect to this article or any other content requirement, please contact Editor at firstname.lastname@example.org