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Poland: Ignitis Group borrows EUR 60m from EIB for its first wind farm project

Christian Fernsby |
More windfarms will see the light near the Baltic coast in Poland.

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The European Investment Bank (EIB) has signed a loan agreement with Pomerania Wind Farm sp.z o.o., a subsidiary of Ignitis Renewables, which is part of Ignitis Group, a large scale Lithuanian energy company.

The EIB has agreed to lend PLN 258m (approx. EUR 60m) for the construction and operation of a medium-size onshore windfarm, consisting of 29 turbines, with a total installed capacity of 94 MW.

The loan will cover around 47 % of the project investment costs.

The EIB financing is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe, in which the European Commission and the EIB are strategic partners.

The wind park is located in the Pomeranian Voivodship, approximately 50 km from the coastline of the Bay of Gdansk, in the municipalities of Dzierzgon and Stary Targ.

Works have already started in July last year, and the project is expected to be operational in the spring of 2021.

The wind park has an expected capacity of 300 GWh of electricity, potentially supplying around 75,000 households with the clean energy generated by the project, on an annual basis.

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