The European Bank for Reconstruction and Development (EBRD) is set to provide a financial package of up to PLN 126 million (€29 million) to support the expansion of renewable energy capacity in Poland. The funds will be directed towards projects developed, constructed, and operated by Eurowatt, a key player in the renewable energy sector.
This investment will primarily fuel the construction of the Grabkowo wind farm and cater to the operational requirements of the EBRD-financed Orla wind farm. The financial assistance will be split, with up to PLN 80 million (€18.4 million) allocated for the construction and operation of the 31.5MW Grabkowo wind farm. The remaining sum of up to PLN 46.1 million (€10.6 million) will be directed to sustain the operations of the 37.5MW Orla wind farm.
In a collaborative effort, equal co-financing will be provided by PKO Bank Polski, complementing the EBRD's commitment.
The Grabkowo wind farm stands out as a testament to the viability of private renewable energy projects without heavy reliance on subsidies. It operates on a commercial offtake structure, coupled with support from the government-backed contract-for-difference auction scheme.
Special-purpose companies C&C Wind and Baltic Sea Polska 2, incorporated in Poland, are dedicated to the development, construction, and operation of the Orla and Grabkowo wind farms, respectively. Both entities are under the ownership of Eurowatt, a wholly-owned subsidiary of Virya Energy.
Eurowatt, with a strong presence in Belgium, Poland, Portugal, and Spain, is a notable independent producer of renewable energy in France. The company boasts an installed capacity exceeding 500MW and has a robust development pipeline of more than 1.5GW.
This financial arrangement with the EBRD will empower Eurowatt to unlock and reinvest capital, facilitating further ventures in the renewable energy sector, including potential investments in central and eastern Europe.