LBBW Poland
Image credit: EIB

German bank Landesbank Baden-Württemberg (LBBW) and the European Investment Bank (EIB) are providing loans for the development of four wind energy projects in western Poland.

EIB and LBBW are lending €42 million ($49.6 million) each to finance the construction and operation of four wind farms in Poland’s Wielkopolskie region.

The wind farms will be developed by German wpd AG in Jarocin Kozmin, Jarocin Wschod, Krotoszyn and Slupca Kolaczkowo near Poznan.

The wind farms will have a total installed capacity of 102.5MW, which enables them to power more than 60 000 households at peak times.

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The projects will be operated by project companies belonging to wpd europe GmbH, a subsidiary of wpd AG.

The wind farms will benefit from the Polish support scheme for Renewable Energy for part of the electricity produced.

Teresa Czerwinska, EIB vice-president responsible for operations in Poland, said: “Poland is looking to reduce its dependence on coal, while creating new jobs in the energy sector.

“Wind power is the renewable energy source with the biggest growth potential in the country, and the EIB is glad to support this transition. Thanks to EFSI, we are able to address a gap in affordable long-term finance for renewable energy generation in Poland. This is important, as we need to offer the country and its people the best possible conditions to embrace a clean and climate-friendly future.”

Thomas Christian Schulz, head of Infrastructure and Transportation Finance at Landesbank Baden-Württemberg, adds: “LBBW, arranging this landmark transaction which is partly financed by kfW bank, is pleased to cooperate with the leading German renewable energy developer wpd and the European Investment Bank.