By InvestCEE Staff, Chris Ball
The EBRD announced today that it will be returning to financing renewable energy in Poland. "In its first project in renewable energy in Poland in three years, the EBRD is supporting the 220 MW Potegowo wind farm with a local currency loan of up to ...[€48 million]." (EBRD)
While the plant will be in Poland and operated by an organization incorporated in Poland, the project and company are majority owned by an Israeli Fund, the Israel Infrastructure Fund.
The project will surely inject some funds into the Polish economy and support local industry around the project.
The EBRD states that "[t]he main goal of the new support system is to allow Poland to increase the share of renewables in its energy mix. At present, the country remains dependent on coal for almost 80 per cent of its electricity generation which constitutes a serious challenge. All EU member countries are committed to source at least 32 per cent of their final energy consumption from renewable sources by 2030." Current estimates are that "[t]he wind farm is expected to make a major contribution to reducing air pollution by replacing 480,000 tonnes of CO2 emissions annually."