March 10 (Renewables Now) - The European Investment Bank (EIB) has agreed to provide a loan to support the construction and operation of the 94-MW Pomerania wind farm in northern Poland.
The project promoter, Pomerania Wind Farm sp.z o.o, has signed an agreement with the EIB, securing a loan of PLN 258 million (USD 67.9m/EUR 59.7m) which will cover around 47% of the investment, the EU bank said.
The borrower is a unit of Ignitis Renewables, part of Lithuanian state-run energy holding company Ignitis Group.
Construction activities started in July 2019. The project site is located in the Pomeranian Voivodeship, some 50 kilometres (31.1 miles) from the coast of the Bay of Gdansk.
The wind farm is expected to commence operations in the spring of 2021.
Ignitis, then known as Lietuvos Energija, bought the Pomerania project in the spring of 2019 from Spanish developer IGE, owned by environmental impact fund SI Capital. Before that, in November 2018, the same project won a 15-year guaranteed tariff of PLN 214.98 per MWh in a Polish auction.
At the time of buying the asset, Ignitis estimated that it will need to invest some EUR 127 million (USD 144.5m) in the Pomerania wind project.
(PLN 1.0 = USD 0.26/EUR 0.23)
(EUR 1.0 = USD 1.14)