The European Bank for Reconstruction and Development (EBRD) is lending PLN 212 million (~$48.4 million) to construct a 285.6 MW solar project in Zwartowo, Poland. The project helps strengthen Poland’s energy security and accelerate its move away from coal.
The EBRD financing, which comprises a senior secured loan and debt service reserve facility, will be part of a larger package co-financed by commercial banks PKO BP SA and Pekao SA.
The project company is Stigma Sp. z o.o., a special purpose vehicle incorporated in Poland and indirectly majority-owned by Solarnet Investment. Solarnet is the investment arm of Goldbeck Solar Group, an existing client of the EBRD.
Poland currently uses coal, the most polluting fossil fuel, for over 70% 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 program 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% of final energy consumption from renewables by the end of 2019.
According to Mercom Research, in April 2021, EBRD provided a €9.1 million (~$10.8 million) loan to construct a 12.9 MW floating solar PV project in Albania.
According to Mercom’s Q1 2022 solar funding and M&A report, announced large-scale project funding in Q1 2022 came to $9.1 billion in 36 deals.