Tuesday 7 May 2019

London-based bank lends €48m for Polish wind farm

London-based bank lends €48m for Polish wind farm

A London-based bank is providing a loan of up to €48 million (£41m) for the construction of an onshore wind farm in Poland.

Potegowo Mashav, majority-owned by the Israel Infrastructure Fund, is using the grant from the European Bank for Reconstruction and Development (EBRD) for the 220MW wind farm, which is expected to reduce 480,000 tonnes of carbon emissions every year.

The project will increase the share of renewables in Poland’s energy mix – the country is currently dependent on coal for almost 80% of its electricity generation.

Harry Boyd-Carpenter, EBRD Director for Energy EMEA, said: “This is a milestone project which represents a turning point for the Polish energy sector. Three major developments have made this possible. Renewables now are at the heart of the framework for the European energy sector. In this context, the Polish energy policy foresees a progressive shift away from coal to renewables. And, finally, we are in an era where renewable energy is not just a means to avoid carbon emissions; it is a source of power which does not damage air quality, does not require energy imports and which is highly affordable.

“We are proud to support the Israeli Infrastructure Fund, who with this project is demonstrating the re-opening for the Polish renewables.”

Written by

Bruna Pinhoni

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