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HomeFinanceEBRD lends 46 million euros for Poland’s largest solar PV plant

EBRD lends 46 million euros for Poland’s largest solar PV plant

The European Bank for Reconstruction and Development (EBRD) is lending 46 million euros for the construction and operation of Poland’s biggest solar photo-voltaic plant at Zwartowo, an important step in strengthening Poland’s energy security and accelerating its move away from coal.

The Zwartowo plant will have a total capacity of up to 285.6 megawatt-peaks (MWp) and is expected to lead to carbon dioxide emissions savings of at least 138,000 tonnes per year.

The EBRD financing, in the shape of a senior secured loan and debt service reserve facility, will be part of a larger package co-financed by commercial banks PKO BP and Pekao.

Poland currently uses coal, the most polluting fossil fuel, for over 70 per cent of its electricity generation. It faces one of the most significant energy transition challenges of all the EBRD’s countries of operation as it moves to align with the goals of the Paris Agreement on limiting global warming to no more than 1.5C.

An ambitious renewable energy programme supported by policy dialogue with the EBRD allowed Poland to hold its first large-scale renewable energy auctions in late 2018 and achieve 12.2 per cent of final energy consumption from renewables by the end of 2019. Despite economic crosswinds in the wake of the global coronavirus pandemic, Poland aims to meet a demanding target of 23 per cent by 2030.

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