Energix bags funds for Phase II of 192-MW Polish wind project

Israeli company Energix Renewable Energies Ltd (TLV:ENRG) has secured over PLN 250 million (USD 64m/EUR 57m) of financing for the 56-MW Phase II of its up-to-192-MW Banie wind project in north-western Poland.

The European Bank for Reconstruction and Development (EBRD) said on Friday it will extend a PLN-162-million loan for the second phase of the project, whilst Alior Bank (WSE:ALR) will lend an additional PLN 90 million.

The funds will refinance a portion of the construction costs for Phase II, which is expected to enter service by the end of June 2016. The 50-MW first phase of the project is already operational. It was financed with a PLN-150-million loan from EBRD and a further PLN 120 million from Alior and BOS Bank.

“Part of the refinanced equity will allow Energix to invest and develop new renewable energy projects in the future,” Energix CEO Asa Levinger said.

The new financing package is being provided under a framework that aims to support private investments in renewables and thus help Poland reduce its dependence on fossil fuels. Currently, more than 80% of the country’s energy comes from coal- and lignite-fired power plants.

(PLN 1.0 = USD 0.256/EUR 0.227)

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