EBRD earmarks €63 m to back Poland’s green energy transition

18 / 05 / 2020

By Marwa Nassar - -

The European Bank for Reconstruction and Development (EBRD ) decided to allocate a total of €63 million for supporting Poland’s transition to green energy.

The funds will be extended in five loans to help Qair – which is a leader in the independent production of energy from renewable sources – to generate almost 200 MW of renewable energy.

The funds are meant to back Qair in constructing three wind farms in Udanin (50 MW), Parzeczew (9 MW) and Wrzesnia (9 MW) in addition to generating 25 MW of solar photovoltaic – as well as the operation of wind farms Linowo (58 MW) and Rzepin (48 MW).

These projects will be accomplished under the Polish renewable energy auction support scheme aiming at generating a total 93 MW.

The EBRD loans will be provided to five Polish special-purpose vehicles that are ultimately owned by two experienced sponsors – the French renewable energy developer and operator Qair and the French infrastructure fund RGreen Invest.

Harry Boyd-Carpenter, EBRD Director, Head of Energy EMEA, said: “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. 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. We are delighted to engage for the first time with such strong partners as Qair and RGreen Invest in this.”

Jean-Marc Bouchet, Qair founder and Chairman, said: “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. 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.”

Poland still generates 80 percent 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 percent in greenhouse gas emissions. Renewable energy has a key role to play in meeting that goal.