Lithuania's Ignitis seeks EIB loan for 94-MW wind project in Poland

Wind farm in Poland. Author: Karolina Kabat. License: Creative Commons, Attribution-NoDerivs 2.0 Generic

February 25 (Renewables Now) - Lithuanian state-run energy holding company Ignitis Group expects to get a loan of PLN 258 million (USD 65m/EUR 60m) from the European Investment Bank (EIB) to support the development of a Polish wind project.

Specifically, Ignitis Renewables plans to sign a deal with the bank to pledge 100% of the shares of project company Pomerania Wind Farm sp. z o.o. in favour of the lender, a press release says. The plan is to pay back the sought loan by December 31, 2035.

The wind farm being built will have a capacity of 94 MW. Construction work on the project began in July 2019 and is expected to be finalised next year.

Ignitis, then known as Lietuvos Energija, bought the 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 spend some EUR 127 million (USD 138m) on the project.

(PLN 1.0 = USD 0.253/EUR 0.233)

(USD 1.0 = EUR 1.086)

More stories to explore
Share this story
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription