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EBRD invests in renewables in Poland

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The EBRD (European Bank for Reconstruction and Development) announced that it is helping to advance the green energy transition in Poland by supporting Qair’s 200-MW renewable energy portfolio with five loans totally PLN 280 million (approximately €63M or US $67M). BNP Paribas is providing project finance as well.

Qair’s portfolio includes construction of 93 MW of new capacity under the Polish renewable energy auction support scheme. The capacity will cover three wind farms – Udanin (50 MW), Parzeczew (9 MW) and Wrzesnia (9 MW) – 25 MW of solar PV and operation of wind farms in Linowo (58 MW) and Rzepin (48 MW).

The loans will be provided to five Polish special-purpose vehicles that are owned by French-based companies Qair and RGreen Invest, according to the press release.

Poland currently generates 80% of its energy from coal; however, the country has committed itself to the EU climate and energy targets for 2030, including a reduction of 40% in greenhouse gas emissions.

Harry Boyd-Carpenter, EBRD Director, Head of Energy EMEA, said, “While so many efforts are rightly focused on addressing the COVID-19 crisis, it is also vital to sustain the momentum behind the green transition. Climate change may now feel less immediate, but it is every bit as serious a challenge.”

Jean-Marc Bouchet, Qair founder and Chairman, stated, “From its beginning, Qair has been focused on the energy transition by developing, building and operating renewable assets in France, Europe and the rest of the world. These financings from the EBRD and BNP Paribas of operating and new assets in Poland are a clear sign that Qair’s lifelong commitment to promoting green electricity is more relevant than ever and that the strategy that Qair has been pursuing in Poland for over five years is coming to fruition.”