The loan will be used for the development of Pomerania Wind Farm, the first Ignitis Group project of its kind in Poland, which will consist of 29 wind turbines and have a total installed capacity of 94 MW.
Wind farm in Poland. Courtesy of NREL
The Pomerania wind farm will be one of the largest wind farms in Poland and is expected to become operational in the spring of 2021. It is expected to have a capacity of 300 GWh of electricity, potentially supplying around 160,000 households with the clean energy generated by the project, on an annual basis.
In March 2020, a PLN 258 million (approx. 60 million euros) loan for the development of the Pomerania wind farm was also provided by the European Investment Bank (EIB). Loans from NIB and EIB together will cover around 70 percent of the project investment costs.
“Wind power is one of the most sustainable sources of electricity” said Henrik Normann, President & CEO of Nordic Investment Bank. “This project will add renewable energy to the grid and indirectly contribute to lower CO2 emissions by crowding out electricity generated with fossil fuels”.
Darius Maikštėnas, Chairman of the Board and CEO of Ignitis Group, added that the wind farm will contribute to a faster decarbonisation of the Polish energy system and will significantly expand the Green Generation portfolio managed by Ignitis Group. It will also strengthen the position of Ignitis Group in the Polish renewable energy market.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
Ignitis Group is one of the largest international utilities and renewable energy companies in the Baltic region. Its core business activities are operating electricity and gas distribution networks, as well as expanding green generation portfolio. The Group also manages strategically important flexible generation resources and provides customers and solutions services, such as supply of electricity and gas, solar, e-mobility, energy efficiency and other innovative energy smart platforms for households and businesses. Ignitis group operates in its home markets – Lithuania, Latvia, Estonia, Poland and Finland – as well as evaluates opportunities in other countries on energy transition path.