EBRD co-finances new wind farm in northern Poland

The European Bank for Reconstruction and Development (EBRD) is co-financing the construction and operation of a wind farm in northern Poland, near the town of Grudziadz in Kujawsko-Pomorskie province, with a financial package totalling PLN 99.75 million (€23.75 million equivalent).

 

The wind farm will consist of 13 wind turbines with a total capacity of 39 MW and will be owned, constructed and operated by GB Radzyn, a special-purpose company established by Green Bear S.A. for this purpose. The total project cost is estimated at up to PLN 285 million (€67.9 million equivalent) and implementation is due to finish by the end of 2015.

 

The location in northern Poland offers attractive conditions for constructing and operating wind farms. In addition, the country urgently needs to reduce its dependence on coal and lignite for power generation, in order to reduce CO2 emissions and meet the renewable energy targets agreed with the EU.

 

Despite significant progress in recent years, more needs to be done. The development of renewable energy has also been held back by regulatory uncertainty and a shortage of financing for renewable energy projects. The EBRD is supporting efforts to overcome these challenges and has become a leading investor in wind farms in Poland.

 

Grzegorz Zielinski, EBRD Director for Poland, said: “We are very proud to support this exciting new project in Radzyn, as it will not only create power but also jobs in a region that needs both. It illustrates the EBRD’s commitment to renewables and to Poland.”

 

Bozena Cosser, EBRD operations leader for the project, commented: “We are pleased with the excellent cooperation with Green Bear S.A. in developing this project despite of the regulatory uncertainty.”

 

Jean-Claude Moustacakis, CEO of Green Bear S.A., said: “The EBRD’s financing of our Radzyn wind farm confirms our expertise in developing and building high-quality renewable energy projects in Poland. Our company is committed to active participation in the growth of renewable energy in the country.”

 

Since the beginning of its operations in Poland in 1991, the EBRD has invested €7 billion in more than 330 projects in the country. In the renewables sector in Poland the EBRD has invested almost €500 million in 10 projects to date.