Ignitis Group borrows from NIB for Pomerania Wind Farm project

An agreement with Nordic Investment Bank for the loan to Pomerania Wind Farm sp. Z o.o, part of AB Ignitis Grupė is signed
Date
14 October 2020
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  • Pomerania wind farm is first Ignitis Groups’ wind farm project in Poland and one of the largest in this country.
  • The loan from Nordic Investment Bank (NIB) together with a loan previously granted by the European Investment Bank will cover around 70 % of Pomerania Wind Farm project investment costs.
  • The wind park is expected to be operational in the spring of 2021 and has an expected capacity of 300 GWh of electricity.

Nordic Investment Bank (NIB) agreed to lend up to PLN 150 million (approx. EUR 33.5 million) to Pomerania Wind Farm sp.z o.o., a subsidiary of Ignitis Renewables, which is part of Ignitis Group. This loan will be used for the development of Pomerania Wind Farm, with a total installed capacity of 94 MW.

The Pomerania wind farm, which is the first Ignitis Groups’ project of its kind in Poland, will consist of 29 wind turbines with a nominal capacity from 3 MW to 3.3 MW. This wind farm will be one of the largest in Poland.

In March 2020, a PLN 258 million (approx. EUR 60 million) loan for the development of the Pomerania wind farm was also provided by the European Investment Bank (EIB). Loans from NIB and EIB together will cover around 70 % of the project investment costs.

The wind park is expected to be operational in the spring of 2021 and has an expected capacity of 300 GWh of electricity, potentially supplying around 160,000 households with the clean energy generated by the project, on an annual basis.

“Wind power is one of the most sustainable sources of electricity. This project will add renewable energy to the grid and indirectly contribute to lower CO2 emissions by crowding out electricity generated with fossil fuels”, says Henrik Normann, President & CEO of Nordic Investment Bank.

“Pomerania Wind Farm will contribute to a faster decarbonisation of the Poland energy system and will significantly expand the Green Generation portfolio managed by Ignitis Group. This project will also strengthen our position in the rapidly developing renewable energy market of our neighbouring country”, says Darius Maikštėnas, Chairman of the Board and CEO of Ignitis Group.

About NIB:

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

About Ignitis Group:

Ignitis Group is one of the largest international utilities and renewable energy companies in the Baltic region. Its core business activities are operating electricity and gas distribution networks, as well as expanding green generation portfolio. The Group also manages strategically important flexible generation resources and provides customers and solutions services, such as supply of electricity and gas, solar, e-mobility, energy efficiency and other innovative energy smart platforms for households and businesses. Ignitis group operates in its home markets – Lithuania, Latvia, Estonia, Poland and Finland – as well as evaluates opportunities in other countries on energy transition path.

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