In its first renewable energy project in Poland in three years, the European Bank for Reconstruction and Development (EBRD) is supporting the 220-megawatt Potegowo wind farm with a local currency loan of up to PLN 209.1 million (€48 million), the bank announced on Wednesday.
According to the EBRD's statement, the plant, which will be built in northeastern Poland, will become one of the largest wind farms in the country.
The facility will be constructed and operated by Potegowo Mashav Sp. z o. o, a special purpose vehicle incorporated in Poland and majority-owned by the Israel Infrastructure Fund for a total cost of PLN 1.25 billion (€290 million).
The wind farm is expected to offset 480,000 tonnes of carbon dioxide emissions annually.
According to the statement, the project is the first large-scale onshore wind farm financed under a new support mechanism, which seeks to support Poland in increasing the share of renewables in its energy mix.
'At present, the country remains dependent on coal for almost 80 percent of its electricity generation which constitutes a serious challenge,' it said.
In December 2018, the EU established a binding target of a share of at least 32 percent of renewable energy by 2030.
By Hale Turkes