The European Bank for Reconstruction and Development (EBRD) is providing a €22m loan to help finance the construction and operation of the phase one of a wind power project in Orla, Poland.
The project will feature 15 Nordex wind turbines N100 2.5MW with a total capacity of 37.5MW with construction on the 22.5MW phase one is likely to be completed in December 2014 and the final phase set for completion in mid-2015.
The project saving around 57,400 tonnes of CO2 per annum will help the country meet green energy targets it agreed with the European Commission.
EBRD’s loan will help address the gap in available funds by providing financing and comfort to private investors.
According to EBRD, the renewables sector needs support to meet the country’s 20% renewable energy share target of the total energy mix in 2021.
EBRD renewables coordinator Grzegorz Zielinski said the bank is supporting the development of the wind farm in Orla as this project is fully in line with its efforts to strengthen green energy in Poland.
“We have a strong track-record in the sector and with this project will be able to build on our experience and expertise,” added Zielinski.
Borrower CEO Adam Ofek said, “We are delighted to have the opportunity to add further projects to our growing portfolio of wind farms, which would not be possible without the EBRD’s involvement. This is a significant milestone in our wind farm investment programme.”