PGE Capital Group secures PLN272m financing from EIB for Klaster wind project

PGE Polska Grupa Energetyczna has entered into a credit agreement with the European Investment Bank (EIB) for up to PLN 272.5m (US$71.5 million), with the purpose of financing the construction of new onshore wind farms on the Baltic coast in Poland. The three wind farms called Starza, Rybice and Karnice II (combined into the Klaster project ) will have a combined installed capacity of up to 97 MW.

The agreement provides for the co-financing of the onshore wind farms construction project to be implemented by PGE Energia Odnawialna – a company belonging to the PGE Group and dedicated to renewable sources of energy. The EIB will provide PGE with a dedicated credit line for a period of up to 17 years and for an amount that represents around 50% of the project cost. The funds acquired under the credit agreement will be allocated for the financing of projects which are 100% eligible under EIB’s climate action objective (i.e. the three wind farms).

Capital expenditures on the construction of the Klaster wind farm complex are estimated at PLN545 million (US$142.53 million). The wind farms are located in the north-west of the Zachodniopomorskie province, in the districts of Kamień Pomorski and Gryfice, at a distance of between 3 and 13 km from the Baltic Sea shoreline.

Construction operations began in February 2019 and, according to the plans, commercial operations should commence before the end of the first half of 2020.