The European Investment Bank (EIB) has agreed to provide a loan for the construction of a new wind farm in Poland.
Located near the Baltic coast, the medium-size onshore wind farm will be equipped with 29 wind turbines and will have a total installed capacity of 94MW.
As per the terms of the agreement, EIB will be providing a loan of PLN258m (€60m) for the construction and operation of the project.
EIB vice-president Teresa Czerwińska said: “There is huge potential for generating energy from renewable sources in Poland, and this project is yet another example of how wind farms can contribute to the country’s energy mix and sustainable development.
“The EIB has considerable expertise in financing wind energy around the world. With our new energy lending policy, we are committed to supporting even more such projects and we are happy that this particular project is very much in line with our climate objectives.”
The loan offered by EIB will cover nearly 47% of the project costs and is backed by the European Fund for Strategic Investments (EFSI).
Construction works at the site have already begun in July 2019 and the wind facility is expected to become operational in the spring of 2021.
Once operational, the facility is expected to generate 300GWh of clean energy annually that will be sufficient to power nearly 75,000 households.
The loan agreement was signed with Ignitis Renewables subsidiary Pomerania Wind Farm. Ignitis Renewables is part of Lithuanian energy company Ignitis Group.
Ignitis Group board member and head of business development Dominykas Tučkus said: “Sustainable development through the implementation of renewable energy projects not only in Lithuania but also abroad is a top priority for the Ignitis Group in its Strategy 2030.
“Through these projects, we aim to increase our competitiveness and make a significant contribution to accelerated decarbonisation of the energy sector.”