The EBRD is supporting a 37.5MW wind farm project in Orla, eastern Poland, with an investment loan of up to PLN 94m (EUR 22m) for the financing of the construction and operation of phase 1 of the project, which will install a total capacity of 22.5MW.
Construction of the first phase is expected to be finalised in December 2014, while the final phase is scheduled for completion in mid-2015. At full capacity, the wind farm will consist of 15 Nordex turbines N100 2.5 MW which will be able to generate a maximum of 37.5 MW and will save approximately 57,400 tonnes of CO2 per annum.
The project is of special significance. Power generation in Poland remains dominated by coal and lignite-fired plants and the country is lagging behind its green energy targets agreed with the European Commission. To reach the 20 per cent share of renewable energy in the total energy mix in 2021 as mandated by the government, a major push to reinvigorate the renewables sector is required.
Despite general consensus on wind energy as one of the viable green alternatives, the expansion of the sector was severely affected by regulatory uncertainty. The EBRD‘s loan is intended to overcome the gap in available funds by providing financing and comfort to private investors.
Grzegorz Zielinski, EBRD Renewables Coordinator, said: “We are proud to support the development of the wind farm in Orla as this project is fully in line with our efforts to strengthen green energy in Poland. We have a strong track-record in the sector and with this project will be able to build on our experience and expertise.”
Adam T Ofek, CEO of the borrower and representative of the sponsors, added: “We are delighted to have the opportunity to add further projects to our growing portfolio of wind farms, which would not be possible without the EBRD’s involvement. This is a significant milestone in our wind farm investment programme.”
To date the EBRD has invested more than €6.3 billion in all sectors of the Polish economy with a combined project value exceeding €33 billion. The Bank continues to support the renewable energy sector with over €1.1 billion invested in nearly 50 projects across its region.