The European Bank for Reconstruction and Development (EBRD) is allocating a funding package of approximately PLN 126.1 million (€29 million) to Baltic Sea Polska II sp. z o.o. and C&C Wind sp. z o.o., subsidiaries of Eurowatt Green Energy Group SA (Eurowatt), to bolster renewable energy production in Poland.
This financial support from the EBRD is divided into two parts: up to PLN 80 million (€18.4 million) for the creation and functioning of a 31.5 MW wind farm in Grabkowo, and the remainder of up to PLN 46.1 million (€10.6 million) to support the 37.5 MW EBRD-financed Orla wind farm. PKO Bank Polski will provide matching co-financing to the EBRD’s investment.
This investment by the EBRD is a significant step in Poland's energy transition, moving away from coal dependency. The development and operation of the Grabkowo and Orla wind farms are crucial for the transformation of Poland’s energy landscape. The new Grabkowo wind farm is projected to produce over 83 GWh of renewable energy annually, cutting over 59,000 tonnes of CO2 emissions each year.
The Grabkowo wind farm stands as a testament to the feasibility of private renewable energy ventures without heavy subsidies. It utilizes a commercial offtake structure alongside the government's contract-for-difference auction system, demonstrating how to bridge funding gaps in renewable projects by blending diverse revenue sources to minimize regulatory or market risks.
C&C Wind and Baltic Sea Polska II are specialized entities in Poland, established for the sole aim of developing, building, and managing the Orla and Grabkowo wind farms, respectively. Owned by Eurowatt, a company with nearly three decades of expertise in renewable energy production and operation in Europe, it was established in 1994.
Eurowatt, a key player in renewable energy in France and active in Belgium, Poland, Portugal, and Spain, boasts an installed capacity of around 500 MW and a development pipeline exceeding 1.5 GW. Virya Energy, which owns Eurowatt, spearheads the group’s onshore renewable energy operations (excluding hydrogen) in Europe.
Virya Energy, a comprehensive platform active in various renewable energy sectors like wind, solar, storage, hydrogen, and energy services, operates over 1.2 GW of renewable energy capacity. With solid financial backing, Virya Energy is committed to expediting the energy transition through innovative technologies.
The EBRD’s financial commitment enables Eurowatt to reallocate and reinvest capital in additional renewable projects, potentially expanding its footprint in central and eastern Europe.
Since initiating operations in Poland in 1991, the EBRD has emerged as a leading institutional investor, injecting over €13.9 billion into 515 projects in the country. The EBRD’s primary objectives in Poland include fostering a low-carbon economy and advancing the country’s capital markets and private sector.