EBRD invests in Polish wind and solar power amid Covid-19

Yoana Cholteeva 18 May 2020 (Last Updated May 18th, 2020 14:53)

The European Bank for Reconstruction and Development (EBRD) has announced its decision to grant French renewable operator Qair, and French infrastructure fund RGreen Invest, five loans of approximately €63m equivalent, for the production of about 200MW of renewable energy.

EBRD invests in Polish wind and solar power amid Covid-19
Views of the outside of the EBRD’s headquarters building in London. Source: EBRD

The European Bank for Reconstruction and Development (EBRD) has announced its decision to grant French renewable operator Qair, and French infrastructure fund RGreen Invest, five loans of approximately €63m equivalent, for the production of about 200MW of renewable energy.

Qair’s project involves construction under the Polish renewable energy auction support scheme ‘Contract for Difference’. The financing will benefit the company’s portfolio to the tune of 93MW of new capacity at three wind farms: Udanin (50MW), Parzeczew (9MW), and Wrzesnia (9MW); as well as 25MW of new solar photovoltaic power. In addition, the funding will help operations at the Linowo (58MW), and Rzepin (48MW) wind farms.

EBRD director and head of energy EMEA Harry Boyd-Carpenter said: “While so many efforts are rightly focused on addressing the Covid-19 crisis, it is also vital to sustain the momentum behind the green transition. Climate change may now feel less immediate, but it is every bit as serious a challenge.”

Qair founder and chairman Jean-Marc Bouchet said: “These financings from the EBRD and BNP Paribas of operating and new assets in Poland are a clear sign that Qair’s lifelong commitment to promoting green electricity is more relevant than ever and that the strategy that Qair has been pursuing in Poland for over five years is coming to fruition.”

The project’s main goal is to reduce Poland’s dependency on coal, as the country currently generates 80% of its energy from the fossil fuel, which has potential harmful effects on public health and the environment.

Since the country has committed to the EU climate and energy targets for 2030, which include a reduction of at least 40% in greenhouse gas emissions, renewable energy is key to meeting this goal.