Wednesday, October 5, 2022

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EBRD to advance the green energy transition in Poland

The European Bank for Reconstruction and Development (EBRD) is advancing the green energy transition in Poland by supporting Qair, the French renewable energy developer and operator, whose portfolio of almost 200 megawatts of renewable energy will receive five loans totalling 280 million złoty (63 million euros). BNP Paribas is also providing project finance lending to the portfolio on a parallel basis.

The portfolio includes the construction, under the Polish renewable energy auction support scheme, of 93 megawatts (MW) of new capacity.

“While so many efforts are rightly focused on addressing the COVID-19 crisis, it is also vital to sustain the momentum behind the green transition,” said Harry Boyd-Carpenter, EBRD Director and Head of Energy EMEA. “Climate change may now feel less immediate, but it is every bit as serious a challenge. By providing long-term finance under the current circumstances, the EBRD is making a significant contribution to Poland’s energy transition and demonstrating its commitments to its partners and strategic goals.”

Poland still generates 80 per cent of its energy from coal, with harmful effects on the environment and human health. The country has committed itself to the EU climate and energy targets for 2030, which include a reduction of at least 40 per cent in greenhouse gas emissions. Renewable energy has a key role to play in meeting that goal.

“From its beginning, Qair has been focused on the energy transition by developing, building and operating renewable assets in France, Europe and the rest of the world,” commented Jean-Marc Bouchet, Qair founder and Chairman. “These financings from the EBRD and BNP Paribas of operating and new assets in Poland are a clear sign that Qair’s lifelong commitment to promoting green electricity is more relevant than ever and that the strategy that Qair has been pursuing in Poland for over five years is coming to fruition.”

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