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Lithuanian Ignitis Group borrows €60 mln for its 1st wind farm project in Poland

Lithuanian Ignitis Group borrows €60 mln for its 1st wind farm project in Poland

Brussels, March 11 - Neftegaz.RU. More windfarms will see the light near the Baltic coast in Poland. The European Investment Bank (EIB) has signed a loan agreement with Pomerania Wind Farm, a subsidiary of Ignitis Renewables, which is part of Ignitis Group, a large-scale Lithuanian energy company.

The EIB has agreed to lend €60 mln for the construction and operation of a medium-size onshore windfarm, consisting of 29 turbines, with a total installed capacity of 94 MW.

The wind park is located approximately 50 km from the coastline of the Bay of Gdansk, in the municipalities of Dzierzgon and Stary Targ. Works have already started in July 2019, and the project is expected to be operational in the spring of 2021. The wind park has an expected capacity of 300 GWh of electricity, potentially supplying around 75,000 households with the clean energy generated by the project, on an annual basis.

Paolo Gentiloni, European Commissioner for the Economy, said: “I warmly welcome that EIB financing under the Investment Plan is facilitating the construction of a new wind farm in Poland. Thanks to EU support, around 75 000 Polish households stand to benefit from clean energy. This is a tangible example of what the European Green Deal means concretely for Polish citizens. With every investment of this kind, we take another step closer to our goal of making the European Union climate neutral by 2050.”

In 2019, the EIB invested around €4 bln in renewable energy projects around the world, of which €945 mln for onshore wind farms.

The EU has agreed to reduce greenhouse gas emissions by 2030 by at least 40% from 1990 levels. In this context, the EU climate and energy framework includes a binding target of at least a 32% share of renewables in the final energy mix by 2030. This is likely to translate into a share of around 60% of renewables in the electricity energy mix by 2030, with around 30% from variable sources (wind and solar).

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