Qair, an independent power producer (IPP), has established a new project financing benchmark with its 200 MW renewable (onshore) energy portfolio in Poland in partnership with BNP Paribas and the European Bank for Reconstruction and Development (EBRD).
Qair and RGreen Invest secure PLN 630 million in financing for wind and solar energy projects in Poland.
BNP Paribas is providing PLN 350 million (c. €78 million) of project financing and the EBRD is advancing loans of PLN 280 million (c. €63 million) to special purpose vehicles owned by Qair and RGreen Invest, an infrastructure fund. This marks a major milestone for Poland, where coal currently provides around 80% of energy requirements, and which has committed to meeting the European Union's climate and energy targets for 2030, including a 40% reduction in greenhouse gas emissions.
IPPs, also known as non-utility generators (NUGs), produce electricity that is sold to utilities and end users. Qair's onshore renewable energy portfolio will add 93 MW of new capacity under Poland's renewable energy auction support scheme. This comprises the construction of three wind farms (68 MW) and solar photovoltaic infrastructure (25 MW), as well as the operation of two wind farms generating 106 MW.
Hendrik Deboutte, Director of Energy, Resources & Infrastructure at BNP Paribas, says that the financing sets a new benchmark for renewable energy in Poland. "This milestone reflects BNP Paribas' leadership in sustainable project finance and also supports the bank's continued growth in newer markets like Poland. Renewable energy is a significant part of this," he explains.
Harry Boyd-Carpenter, EBRD Director, Head of Energy EMEA, says that climate change remains a serious challenge. "While so many efforts are rightly focused on addressing the Covid-19 crisis, it is also vital to sustain the momentum behind the green transition," he says.
"These financings from the EBRD and BNP Paribas of operating and new assets in Poland are a clear sign that Qair's lifelong commitment to promoting green electricity is more relevant than ever," says Jean-Marc Bouchet, Qair founder and Chairman.