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Megawatt OMS secures $171 mln financing for Polish wind farms
November 8, 2012 / 11:03 AM / 5 years ago

Megawatt OMS secures $171 mln financing for Polish wind farms

WARSAW, Nov 8 (Reuters) - Megawatt OMS, a joint-venture of Austria’s RP Global and European infrastructure fund Marguerite, has secured 555 million zlotys ($171 million) financing for the development of wind farms in Poland, it said on Thursday.

The financing deal comes as the European Union nation is overhauling its green energy support system and plans to cut support for onshore wind farms.

“The deal was possible only because we combined the new projects with a project that is already operating under the old regulations,” RP Global Chief Executive Gerhard Matzinger told a news conference.

The loans, of which 330 million zlotys will finance a new 54-megawatt wind farm located in the north of the country, will be granted equally by Poland’s top lender PKO BP and the European Bank for Reconstruction and Development.

The rest will go toward refinancing loans granted by other banks for the development of a 50-megawatt project, which began operating in 2010.

Poland generates around 90 percent of its electricity from coal. To meet European Union regulations on carbon emissions, the former Soviet-bloc nation has to increase the share of renewable energy to at least 15 percent by 2020.

The country’s renewable energy drive has so far focused mainly on onshore wind farms and biomass co-firing, which involves mixing wood and other plant material with coal before it is burned in coal-fired power stations.

The most recent version of the new renewables law cuts support for onshore wind installations and large biomass co-firing in favour of micro-generation, solar power and offshore.

Marguerite is a 700-million euros equity fund sponsored by PKO BP, the European Investment Bank, Germany’s KfW, Italy’s Cassa Depositi e Prestiti, France’s Caisse des depots et consignations, and Spain’s Instituto de Credito Official.

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