EIB Provides $71 Million Credit Line to PGE for Polish Wind Farms

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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