PKO Bank Polski, along with three other banks, has entered into a consortium agreement with Great Wind, a subsidiary of the Polsat Plus Group, a media and entertainment company, to finance the development and construction of a wind power project, PKO said on November 20.
The PLN800mn (€184mn) agreement encompasses an investment loan, working capital credit for VAT coverage, and a DSRF loan to fund debt service reserve
The 72.6 MW wind farm is under construction in the municipality of Człuchów in the Pomeranian Voivodeship.
Scheduled to become operational in the first half of 2024, the 33 wind turbines will generate electricity equivalent to the consumption of 110,000 households, according to Great Wind.
Poland is in the midst of an energy transformation aiming for a reduction in coal’s share in the energy mix from the current 70% to no more than 28% in 2040.
"This investment is another step towards increasing the share of green energy in the national energy mix," Andrzej Kopyrski, PKO’s vice president of the management board said in a statement.
The consortium also includes Bank Gospodarstwa Krajowego, mBank, and Santander Bank Polska.
Related Articles
Poland signs €200mn deal with ICEYE for reconnaissance satellites
Poland will acquire three synthetic aperture radar (SAR) satellites under a €200mn agreement with Polish-Finnish satellite operator ICEYE, the company said on May 14. The contract comes in the ... more
Erste Group buys 49% of Santander’s Polish unit for €6.8bn
Erste Group acquired a 49% stake in Santander’s Polish bank for approximately €6.8bn, the Austrian lender said on May 5. The Austrian bank, the country’s largest, also agreed to purchase 50% ... more
Santander reportedly weighing sale options for its Polish unit
Banco Santander may offload part or all of its holding in Santander Bank Polska, people “familiar with the matter” told Bloomberg on April 8. The considerations come as Spain’s largest ... more