BNP Paribas is also providing project finance for the portfolio on a parallel basis
EBRD offers $68.3m for Polish wind and solar projects. (Credit: European Bank for Reconstruction and Development.)
The European Bank for Reconstruction and Development (EBRD) has agreed to provide five loans about €63m ($68.3m) to the renewable energy portfolio of French renewable developer and operator Qair.
The funding will be used for a portfolio of approximately 200MW of renewable energy projects.
French retail banking company BNP Paribas is also providing project finance for the portfolio on a parallel basis.
The portfolio includes construction of 93MW of new capacity under the Polish renewable energy auction support scheme ‘Contract for Difference’.
It includes three wind farms 50MW Udanin, 9MW Parzeczew and 9MW Wrzesnia, as well as 25MW of solar power project.
It will also fund the operations at the 58MW Linowo and 48MW Rzepin wind projects.
EBRD loans will be offered to five Polish special-purpose vehicles
EBRD director and head of energy EMEA Harry Boyd-Carpenter said: “While so many efforts are rightly focused on addressing the Covid-19 crisis, it is also vital to sustain the momentum behind the green transition.
“Climate change may now feel less immediate, but it is every bit as serious a challenge. By providing long-term finance under the current circumstances, the EBRD is making a significant contribution to Poland’s energy transition and demonstrating its commitments to its partners and strategic goals.”
The EBRD loans will be offered to five Polish special-purpose vehicles that will be owned by the sponsors the French renewable energy developer and operator Qair and the French infrastructure fund RGreen Invest.
Poland has committed to the EU climate and energy targets for 2030, which include a reduction of minimum 40% in greenhouse gas emissions.