New Energy World™
New Energy World™ embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low-carbon technologies.
Funding Poland’s first offshore wind farm
27/9/2023
News
The European Bank for Reconstruction and Development (EBRD) is supporting the development of Poland’s renewable energy capacity by extending a €140mn loan to Baltic Power to finance construction of what will be the country’s first offshore wind farm.
The EBRD’s financing is provided alongside that from a large number of international and local commercial lenders, the European Investment Bank (EIB) and export credit agencies.
Once operational, the wind farm, which will have a capacity of up to 1.2 GW, is expected to generate electricity equivalent to 4,000 GWh, or approximately 2–3% of Poland’s current electricity generation. It is expected to avoid an estimated 2.8mn t/y of CO2 emissions.
Poland has committed to substantial decarbonisation goals and, in line with the wider European energy sector, is targeting offshore wind power to increase electrification and reduce its coal-fired energy generation.
Nandita Parshad, Managing Director – Sustainable Infrastructure, EBRD, says: ‘Offshore wind energy is crucial to support the global drive to net zero and to provide a solution to energy security concerns. This is why we are proud to support this landmark project: the very first offshore wind farm not only in Poland, but in the entire EBRD region. The acceleration of the green transition is a primary focus for the EBRD, and this project is a sterling example of how we can scale up renewables from megawatts to gigawatts.’
Baltic Power is a special purpose vehicle incorporated in Poland to develop, build and operate the wind project in the Baltic Sea. It is jointly owned by Orlen, the Polish multi-utility company, and Northland Power, a Canadian independent power producer with significant experience in offshore wind.
Click here to find out more about the decarbonisation initiatives currently underway in Poland.
