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Poland: First EIB support for solar energy project

Christian Fernsby ▼ | May 27, 2020
The European Investment Bank (EIB) has signed today its first loan to a company building and running photovoltaic plants in Poland.
Poland solar
EIB   Poland solar
The EU bank will lend PLN 82m (around EUR 18m) to Energy Solar Projekty sp.z o.o. for the construction and operation of 66 small-scale, independent photovoltaic (PV) plants. With an average nominal capacity for each plant of less or equal than 1 MW, the total capacity will reach about 65,6 MW. This is the equivalent of 19,000 households, which could be supplied with the energy generated by the project.

Topics: Poland EIB

The borrower, Energy Solar Projekty sp.z o.o, is a subsidiary company of the Energy and Infrastructure SME Fund managed by the Lithuanian-based investment management company Lords LB Asset Management.

The operation has the guarantee of the European Fund for Strategic Investments (EFSI), which is the financial pillar of the Investment Plan for Europe jointly managed by the European Commission and the EIB. The EIB is co-financing the project with DNB Bank Polska, each bank providing 50% of senior debt (total amount PLN 164m). The shareholders of the borrower (Energy Solar Projekty sp.z o.o.) will put around 30% of total funding needs of the project.

The PV plants are located in northern Poland, covering areas in the Voivodships of West Pomerania, Pomerania, Warmia-Masuria and Kuyavia-Pomerania, with a larger conglomeration in the first three regions. The PV plants are grouped in eight project companies, each comprising of one or more individual plants. Energy Solar Projekty sp.z o.o. is the holding company owning the overall portfolio.

The total capacity of all newly built independent PV plants in the portfolio will produce approximately 68,000 MWh of electricity in the first year and will help to reduce 47,000 tons of carbon dioxide each year.