EBRD considers financing Polish wind farm

The EBRD is considering providing a senior long-term loan to finance the construction and operation of the 39 MW Radzyn wind farm in Poland.

The project involves the development 39 MW wind farm located near the town of Grudziadz in north-central Poland. The construction is scheduled for commencement in the fourth quarter of 2014 and expected to be completed in the second half of 2015.

The total project investment is estimated at PLN285 million (US$86.4 million). EBRD plans to provide a limited-recourse long-term financing denominated in Polish Zloty, in the amount of up to PLN100 million (US$30.3 million). The remaining funding for the project is expected to be provided by other financial institutions and the sponsor.

The loan is to be provided to GB Radzyn, a special purpose company, created to own, construct and operate the project. The firm is fully and directly owned by Green Bear SA, a wind farm developer active in the Polish market since 2007.

We published in early September that the EBRD had plans to investing approximately US$75.7 million to cover the first phase of the Tajikistan’s Qairokkum hydropower plant modernization project. The investment will cover the first phase of the plant’s modernisation, and will involve rehabilitation of two of the plant’s six turbines, increasing capacity from 126MW to 142 MW.