The FINANCIAL -- The EBRD is supporting a 37.5MW
wind farm project in Orla, eastern Poland, with an investment loan of
up to PLN 94m (EUR 22m) for the financing of the construction and
operation of phase 1 of the project, which will install a total capacity
of 22.5MW, according to European Bank for Reconstruction and Development (EBRD).
Construction of the first phase is expected to be finalised in December 2014, while the final phase is scheduled for completion in mid-2015. At full capacity, the wind farm will consist of 15 Nordex turbines N100 2.5 MW which will be able to generate a maximum of 37.5 MW and will save approximately 57,400 tonnes of CO2 per annum.
The project is of special significance. Power generation in Poland remains dominated by coal and lignite-fired plants and the country is lagging behind its green energy targets agreed with the European Commission. To reach the 20 per cent share of renewable energy in the total energy mix in 2021 as mandated by the government, a major push to reinvigorate the renewables sector is required.
Despite general consensus on wind energy as one of the viable green alternatives, the expansion of the sector was severely affected by regulatory uncertainty. The EBRD‘s loan is intended to overcome the gap in available funds by providing financing and comfort to private investors, according to EBRD.
To date the EBRD has invested more than €6.3 billion in all sectors of the Polish economy with a combined project value exceeding €33 billion. The Bank continues to support the renewable energy sector with over €1.1 billion invested in nearly 50 projects across its region, according to EBRD.