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Poland: PGE Capital Group goes wind with 64m from EIB

Christian Fernsby |
PGE Polska Grupa Energetyczna has entered into a credit agreement with the European Investment Bank (EIB) for up to PLN 272.5m (approx. EUR 64m), with the purpose of financing the construction of new onshore wind farms on the Baltic coast in Poland.

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Topics: POLAND    PGE    EIB   

The three wind farms called Starza, Rybice and Karnice II (combined into the Klaster project) will have a combined installed capacity of up to 97 MW.

The credit provided by the EIB is one of the elements helping to secure new sources of financing for the green capital expenditure programme to be pursued by the PGE Capital Group.

The agreement provides for the co-financing of the onshore wind farms construction project to be implemented by PGE Energia Odnawialna – a company belonging to the PGE Group and dedicated to renewable sources of energy.

The EIB will provide PGE with a dedicated credit line for a period of up to 17 years and for an amount that represents around 50% of the project cost.

The funds acquired under the credit agreement will be allocated for the financing of projects which are 100% eligible under EIB’s climate action objective (i.e. the three wind farms).

During the credit negotiation process PGE presented its plans for changes in the energy mix, emphasising its commitment to actions aimed at energy transition and planned investments in zero-emission energy sources.

The EIB will maintain an active dialogue with PGE on its corporate decarbonisation plan and seek ways of further supporting it.

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