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January 19, 2022

EDPR secures financing for six onshore wind farms in Poland

The wind farms will be developed in various locations across the country.

Spanish renewable energy firm EDP Renewables (EDPR) has closed a project financing deal to deliver six wind farms, with a combined capacity of 149.4MW, in Poland.

The wind farms are located across Poland’s south-eastern, north-western and northern regions.

They include the Kozlowo and Krasin wind farms in the Warmian-Masurian province, the Lichnowy and Chojnice wind farms located in Pomerania, the Piatkowo project in Kujawsko-Pomorskie and the Bogoria wind farm located in Swietokrzyskie province.

The funding will be used for developing, building and operating the six projects.

EDPR agreed to sell the wind farms to Mirova last year and disclosed them to the market in August.

Project financing was provided by the European Investment Bank (EIB), Santander Poland and Caixabank.

Danish export credit agency (ECA) EKF served as ECA coverage provider for the transaction.

In a statement, the EIB said that it had signed a Green Loan agreement to offer €66m ($74.8m) in funding for the project, with six special purpose vehicles owned by EDPR.

EIB vice-president Teresa Czerwinska said: “Energy transformation is one of the major tasks for the future.

“The European Investment Bank, being the EU Climate Bank, is delighted to co-finance EDPR’s wind farm projects.

“We strongly believe that by investing in the diversification of the energy sector in Poland, we support the climate action and improve the quality of life of the society.”

The deal is part of an €8bn asset rotation programme for 2021-25 that EDPR announced at its Capital Markets Day.

The programme is intended to expedite value creation while reusing capital to reinvest in new growth.

In November last year, EDPR acquired a significant stake in Singapore-based solar company Sunseap.

The S$1.1bn ($815m) acquisition made EDPR a major shareholder in Sunseap, with the aim of supporting Sunseap’s expansion in Asia’s renewables market.

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