EBRD invests in Virya Renewables to boost large-scale solar PV development in Poland

• EBRD provides €85 million equity investment in new renewable energy platform Virya Renewables Poland alongside Belgian partner Virya Energy
• Investment will help Virya acquire the rights to develop large-scale solar PV projects held by Optima Wind in Poland
• Energy companies such as Virya Energy and developers such as Optima Wind are central to advancing Poland’s energy security and decarbonisation goals

The European Bank for Reconstruction and Development (EBRD) is supporting the expansion of renewable energy in Poland with an equity investment of €85 million in Virya Renewables Poland, a newly established renewable energy platform focused on investments in the country.

The EBRD has invested alongside Belgium-based Virya Energy, an international renewable energy company involved in the development, financing, construction and operation of green energy assets. The joint investment will enable Virya Renewables Poland to acquire the rights to develop, construct and operate a portfolio of renewable projects in the country that are currently held by Optima Wind. This landmark transaction will include financing of the construction and operation of the Sidłowo and Kikowo II solar photovoltaic (PV) parks developed by Optima Wind, which will be directly connected to the grid.

The two parks are expected to become the largest solar PV cluster in Poland and one of the largest in Europe, generating 666 GWh of clean energy per year and avoiding more than 477,000 tonnes of CO2 emissions annually. This will contribute to Poland and the European Union’s ambitions to further reduce dependence on fossil fuels and increase the share of renewables in electricity generation.

In addition to providing long-term equity financing, the EBRD will support Virya in strengthening its operations in Poland as part of the transaction. The Bank will assist the new organisation in developing a Corporate Governance Action Plan and a Supply Chain Management System that will enhance supply chain oversight and cybersecurity practices, supporting the work of the combined Optima Wind and Virya teams in progressing the renewables project portfolio and building the Sidłowo and Kikowo II projects.

Andreea Moraru, EBRD Head of Poland and the Baltic States, said: “We are very pleased to provide equity capital that will unlock significant investment in Poland’s solar sector. Partnering with Virya will help accelerate the rollout of large-scale renewable generation and strengthen Poland’s energy security. This transaction demonstrates both the depth of opportunity in Poland’s energy transition and the continued appetite for high-quality, scalable investments in the country.”

Grzegorz Zieliński, EBRD Head of Energy Europe, said: “In a world of increased focus on energy security and resilience, we are very pleased to support Virya Energy as an investor with a long-term investment horizon, and excited to partner with an experienced developer such as Optima Wind in adding much needed renewable generation capacity in the country.”

Paul Tummers, CEO of Virya Energy, said: “Today we take an important step towards realising our long-term ambitions in Poland and globally. The energy transition must be an enabler and stabilising factor in a fast-changing world. Navigating it alongside trusted partners such as the EBRD and Optima Wind brings us closer to that goal. This partnership also confirms our long-term view, and along with our Fit for Purpose strategy will enable incremental positive impact on the Polish and European energy markets.”

Jean-Claude Moustacakis, CEO of Optima Wind, said: “This transaction is a major milestone for Optima Wind and for the development of large-scale renewable energy in Poland. Over the past six years, we have developed Sidłowo and Kikowo II from the greenfield stage into fully permitted, grid-connected projects ready for construction. With the support of Virya Energy and the EBRD, we are proud to continue playing a central role working alongside strong international partners who share our long-term vision and commitment to accelerating Poland’s energy transition.”

Virya Energy is present across the entire value chain of sustainable energy, including green energy production in Europe and south-east Asia, energy distribution and the development of sustainable hydrogen projects. It is owned by Colruyt Group and Korys, the Colruyt family office.

Optima Wind is a privately owned Polish renewable energy developer with a 17-year track record in the Polish market.

The EBRD is a leading institutional investor in Poland, having invested more than €16.6 billion in the country.