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EIB’s first-ever financing for a solar energy project in Poland

The European Investment Bank (EIB) has signed its first loan for 18 million euros to Energy Solar Projekty to build and operate 66 small-scale, independent photovoltaic plants in Poland.

With an average nominal capacity for each plant of less or equal than 1 megawatt (MW), the total capacity will reach about 65,6 MW, the equivalent of 19,000 households, which could be supplied with the energy generated by the project.

The PV plants are located in northern Poland, covering areas in the Voivodships of West Pomerania, Pomerania, Warmia-Masuria and Kuyavia-Pomerania, with a larger conglomeration in the first three regions. The PV plants are grouped into eight project companies, each comprising of one or more individual plants.

“The financing agreement signed today to build these solar energy plants is excellent news both for Poland’s economy and its environment,” commented European Commissioner for the Economy, Paolo Gentiloni. “The European Green Deal will be at the heart of our efforts to rebuild our economies after the coronavirus pandemic and Poland should continue to make use of all the EU support on offer.”

“We welcome the EIB’s first-ever financing for a solar energy project in Poland”, said Teresa Czerwińska, EIB Vice-President, who oversees operations in this country. “Photovoltaics play a role in the decarbonisation of the energy sector and are a fast-growing industry in many countries. Poland is no exception.”

The EIB is co-financing the project with DNB Bank Polska, each bank providing 50 per cent of senior debt.

“As one of the most active lenders to the renewable energy sector in Poland, we have been in a position to leverage off our strong expertise in the sector coming from a number of onshore wind deals in order to shape the financing structure in an efficient manner,” said Artur Tomaszewski, President of the Management Board of DNB Bank Polska. “Our bank has a strong commitment to facilitate the transition of the economy towards green and sustainable solutions, and the development of renewable energy sources in Poland is, therefore, one of the highest priorities for us. I am convinced that the financing for this project will boost the green energy sector in Poland.”

The borrower, Energy Solar Projekty is a subsidiary company of the Energy and Infrastructure SME Fund managed by the Lithuanian-based investment management company Lords LB Asset Management.

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