The project will enable Saturn Management to increase its energy production and meet increasing demand from Mondi following the expansion of its own production volumes.

The project is also a step forward towards increasing volumes of green energy in Poland, reducing CO2 and other emissions, and cutting energy generation from coal, in line with the EU requirements.

Poland has committed to increasing the share of renewable energy in overall energy use to around 13% by 2017 from the current 5%.

“The ERBD is pleased to support this unique project in Poland. It will help Saturn Management and Mondi improve the efficiency of their operations, and will assist Poland in achieving its green energy targets set by the EU. It will also serve as a strong demonstration incentive to other players in the Polish energy sector,” said Nandita Parshad, director of the EBRD’s Power and Energy Team.

“We are extremely pleased to secure the financing for this project. Its completion will increase green energy production, reduce emissions including CO2 and increase energy security while further reducing energy costs for our customer Mondi Swiecie”, said Zbigniew Prokopowicz of PEP SA, the parent company of Saturn Management.

Supporting renewable energy is among the EBRD’s priorities. Since the beginning of 2009 the Bank has invested EUR 121 million in four renewable energy projects in its countries of its operations.

To date the EBRD has invested over EUR3.3 billion in more than 200 projects in Poland. The EBRD funds mobilised additional investment worth more than EUR10 billion in the Polish economy.

Saturn Management is an independent company producing and supplying energy to Mondi Swiecie, a paper and containerboard producers in Europe, situated in Swiecie, in northern Poland.