May 1 (Renewables Now) - The European Bank of Reconstruction and Development (EBRD) will back the construction of the 220-MW Potegowo wind farm in Poland with a loan of up to PLN 209.1 million (USD 54.8m/EUR 48.8m), the lender said today.
The wind park will be installed in the northeastern part of the country by Potegowo Mashav, a Poland-based special purpose vehicle controlled by the Israel Infrastructure Fund. The entity secured the project in a renewable energy tender in November 2018 and will pour PLN 1.25 billion to build the facility.
Once operational, the wind farm is expected to help save 480,000 tonnes of carbon dioxide (CO2) emissions per year.
EBRD noted that the project is its first renewables investment in Poland in the past three years. Its decision to start financing renewables in the country again comes after the Polish government introduced a new support mechanism for the sector, seeking to lift the share of renewables in its renewables mix. Currently, Poland is still highly-dependent on coal, while its target is to reach a 21% share of renewable energy sources in final gross energy consumption in 2030.
(PLN 1.0 = USD 0.262/EUR 0.234)