EBRD finances the largest wind farm in Poland

The European Bank for Reconstruction and Development (EBRD) is continuing to support Poland’s drive to increase its renewable energy production with a PLN 178 million loan (€45 million equivalent) to co-finance the construction and operations of the Margonin wind farm, the largest wind farm in the country.

The wind power project is controlled by EDP Renovaveis, the world’s third largest wind energy company. Located in the Margonin region of north-west Poland, the wind farm is already in operations. With a capacity of 120 megawatts its annual energy production is expected to represent approximately 14 per cent of the total wind turbines generation capacity in Poland.

“Supporting renewable energy projects is one of the EBRD’s key priorities. The Margonin wind farm will considerably scale up Poland’s wind generation capacity, helping the country to meet the EU green energy quotas”, said Nandita Parshad, EBRD Director for Power and Energy.

The wind farm is co-financed by the European Investment Bank, which is providing a matching PLN 178 million loan (€45 million equivalent), and a group of commercial banks.

This is the EBRD’s fourth investment in renewable energy in Poland. In 2009 and 2010 the Bank provided loans for the construction of Tychowo wind farm in northern Poland and for the biomass project with Mondi Swiecie, and the EBRD also acquired an equity stake in Iberdrola Renewables Polska to support the development of company’s wind farm projects.

To date the Bank has financed the construction and operation of numerous renewable energy projects in the EBRD’s countries of operation including Bulgaria, Estonia, Hungary, Mongolia and Turkey, having committed over €350 million in the renewable energy sector.

Overall, since the beginning of its activity in Poland the Bank has invested over €4.5 billion in various sectors of the country’s economy, of which more than €460 million in the energy sector, mobilising additional investment of more than €13 billion.