Four Polish lenders form consortium to finance Polsat Plus Group’s wind farm project

By bne IntelliNews November 21, 2023

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

Alior Bank to pay out PLN570mn in first ever dividend

Alior Bank will pay out a dividend of PLN570mn (€122mn) from the profit generated in 2023, the Warsaw-listed lender said on February 28. The payout is in line with recommendations of the Polish ... more

EBRD buys into Poland’s Pekao Eurobond issue

The European Bank for Reconstruction and Development (EBRD) invested €20mn in debut Eurobonds issued by the state-controlled Bank Pekao, the second-largest Polish lender by assets, the EBRD said on ... more

Santander Bank Polska to issue bonds worth up to PLN3.1bn

Warsaw-listed Santander Bank Polska will issue privileged bonds with a total value of up to PLN3.1bn (€710mn), the Spanish-owned bank said in a market filing on November 20. The settlement of ... more