All agreed loans

Poland. Energa SA

Date of loan: 23 Oct 2014
Country: Poland
Customer: Energa SA
Amount in PLN: PLN 67.5 million
Amount in EUR: EUR 16 million
Maturity: 12 years
NACE sector / loan type: Production and distribution of electricity
Business area: Energy and environment

Environmental effect

This loan contributes to climate change mitigation: 100%

Financing from NIB Environmental Bond proceeds

Share of financing: 100%
Amount disbursed: EUR 16 million

Note: For loans in other currencies than EUR, the equivalent in EUR is based on the exchange rate effective for the disbursement. Read more about the NIB Environmental Bonds

Project

The loan has been provided for financing the 20 MW Myslino wind farm project in north-western Poland, near the City of Kolobrzeg on the Baltic Sea coast.

The wind farm consists of ten Gamesa G97 turbines, each with a power output of 2 MW. Commissioning of the plant is scheduled for November 2014.

Energa SA. currently has a wind power generation capacity of approximately 165 MW and a hydropower generation capacity of about 200 MW. The company’s renewable energy production accounts for one third of its total generation. Energa’s strategy to increase the proportion of renewables will result in reduced carbon dioxide and sulphur emissions, including for NIB’s member countries around the Baltic Sea.

In 2010, NIB signed a PLN 200 million loan with Energa, along with EIB and EBRD, to finance modernisation of the company’s electricity network, including overhead terminals for connection of wind farms. The 20 MW Myslino wind farm is made possible by this network modernisation programme.

Energa Group is one of the four major energy groups in Poland. Energa operates in the northern part of Poland, providing over 2.9 million customers with approximately 20.4 TWh annually via a service network that covers 25% of the country’s total area.

Fulfilment of NIB's mandate

Investments in new production capacity in Poland are expected to have a very limited effect on electricity markets in NIB’s member area. Poland has a 600 MW submarine transmission link to Sweden, and when the 500 MW LitPol transmission link to Lithuania is completed in 2015, Poland will also become connected to the Baltic transmission system.

Indirectly, the wind farm project is expected to contribute to lower emissions of carbon dioxide and other combustion emissions by crowding out electricity generated from mainly coal. Wind farms are generally one of the most sustainable ways to provide electricity.

Sustainability summary

The wind farm is being erected on agricultural land. The environmental impact assessment shows that the project will not have any significant impact on the environment, human health or natural resources covered by legal protection.

Press release

Nordycki Bank Inwestycyjny finansuje inwestycję w celu redukcji emisji z procesów spalania w Polsce