EIB Provides $71 Million Credit Line to PGE for Polish Wind Farms
13 January 2020 - 9:29PM
Dow Jones News
By Dieter Holger
The European Investment Bank said Monday that it will provide a
credit line of 272.5 million Polish zloty ($71.4 million) to PGE
Polska Grupa Energetyczna SA (PGE.WA) to build three new onshore
wind farms on the Baltic coast of Poland, which are set to begin
operations before the second half of this year.
The bank said it will provide a dedicated credit line for up to
17 years that will cover around 50% of the project's costs. When
completed, the three windfarms called Starza, Rybic and Karnice II
could generate a combined installed capacity of up to 97
megawatts.
As part of the agreement, the EIB said it will also work with
the energy company to lower its carbon-dioxide emissions. PGE has
pledged to generate 25% of its power in Poland from renewables by
2030.
The EIB said capital expenditures for the construction of the
project, known as the Klaster wind farm complex, are estimated at
PLN545 million. Construction began in February 2019.
Write to Dieter Holger at dieter.holger@wsj.com;
@dieterholger
(END) Dow Jones Newswires
January 13, 2020 05:14 ET (10:14 GMT)
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