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PGE Polska Grupa Energetyczna has entered into a credit agreement with the European Investment Bank (EIB) for up to PLN 272.5m (approx. EUR 64m), with the purpose of financing the construction of new onshore wind farms on the Baltic coast in Poland.

The three wind farms called Starza, Rybice and Karnice II (combined into the Klaster project ) will have a combined installed capacity of up to 97 MW.

The credit provided by the EIB is one of the elements helping to secure new sources of financing for the green capital expenditure programme to be pursued by the PGE Capital Group. The agreement provides for the co-financing of the onshore wind farms construction project to be implemented by PGE Energia Odnawialna – a company belonging to the PGE Group and dedicated to renewable sources of energy. The EIB will provide PGE with a dedicated credit line for a period of up to 17 years and for an amount that represents around 50% of the project  cost. The funds acquired under the credit agreement will be allocated for the financing of projects  which are 100% eligible under EIB’s climate action objective (i.e. the three wind farms).

During the credit negotiation process PGE presented its plans for changes in the energy mix, emphasising its commitment to actions aimed at energy transition and planned investments in zero-emission energy sources. The EIB will maintain an active dialogue with PGE on its corporate decarbonisation plan and seek ways of further supporting it.

Capital expenditures on the construction of the Klaster wind farm complex are estimated at PLN 545m (approx. EUR 128.2m). The wind farms are located in the north-west of the Zachodniopomorskie province, in the districts of Kamień Pomorski and Gryfice, at a distance of between 3 and 13 km from the Baltic Sea shoreline. Construction operations began in February 2019 and, according to the plans, commercial operations should commence before the end of the first half of 2020. After the project is completed, the combined installed capacity of the wind farms operated by PGE will increase by 18% to about 650 MW, which will strengthen the PGE Group's position as Poland's leader in the generation of power from renewable energy sources.

At the time of its execution, the agreement between PGE and the EIB was the first energy project  approved after the adoption of the Bank's new energy lending policy.  

The project will contribute to the diversification of the energy mix in Poland and to the EU renewable energy target of 32% by 2030.