A London-based bank has invested PLN80 million (£12.5m) in green bonds issued by R.Power to support the solar energy in Poland.
The financial backing from the European Bank for Reconstruction and Development (EBRD) is expected to support a faster rollout of solar power projects in Poland as well as the company’s ambition to become a fully integrated regional player in the renewables market.
The EBRD funding will ensure an additional 96MW of solar achieves financial close and starts implementation in 2022.
That would generate around 100GWh of electricity per year, helping save 72,000 tonnes of carbon emissions annually.
The EBRD states: “In the past year, energy prices have increased dramatically, driven both by short supply of hydrocarbons and increased electricity demand and, since February, by the war on Ukraine. The focus is turning to renewables not only to achieve the net zero target, but to provide an immediate solution to the growing energy security crisis.
“Solar will play a critical role in this transition.”