Poland Starts Nearly 5 Billion Euro Loan Plan To Fund Offshore Wind

Poland is launching a nearly 5 billion euro ($5.46 billion)programme financed from the European Union’s recovery funds to provide loans to builders of offshore wind farms on the Baltic Sea, the state assets ministry and bank BGK said on Tuesday.

Developers including the consortia of Polish state-controlled utility PGE with Orsted and refiner Orlen’s with Northland Power plan to build 5.9 gigawatt (GW) of offshore wind capacity by 2030.

“The start of the funding programme is a consequence of the agreement between the ministry and BGK, one of the milestones of the national recovery plan,” the ministry said in a statement.

Loans will be extended for projects of at least 300 megawatts of capacity and will not require the approval of the European Commission, the statement said.

(Reporting by Marek Strzelecki; Editing by Tomasz Janowski)