EBRD funds Poland’s biggest solar PV plant

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As Poland faces Russian moves to cut off gas over the country’s support for Ukraine, the need to strengthen Poland’s energy security is acute.

The European Bank for Reconstruction and Development (EBRD) is lending PLN212m (approximately €46m) for the construction and operation of Poland’s biggest solar photo-voltaic plant at Zwartowo.

As Poland faces Russian moves to cut off its gas over the country’s support for Ukraine, the importance of strengthening Poland’s energy security and accelerating its move towards renewables has never been more acute.

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

The EBRD financing will come as a loan and debt service reserve facility as part of a larger package co-financed by commercial banks, and the project company, Stigma Sp. z o.o, is a special purpose vehicle incorporated in Poland and indirectly majority owned by Solarnet Investment GmbH.

Poland currently uses coal for over 70% of its electricity generation and faces a severe energy transition to decarbonise.