January 13 (Renewables Now) - The European Investment Bank (EIB) has extended a line of credit to PGE Polska Grupa Energetyczna SA (WSE:PGE) to help the Polish power group build an onshore wind farm complex with up to 97 MW of installed capacity in its home country.
The credit agreement will enable the state-owned company to have up to PLN 272.5 million (USD 71.5m/EUR 64.3m) available for a maximum of 17 years. According to the EIB on Monday, the whole project, named Klaster, will require PLN 545 million in estimated capital expenditures.
The complex will consist of three wind farms, Starza, Rybice and Karnice II, situated between 3 kilometres (1.86 miles) and 13 kilometres inland from the Baltic coast. The project sites are located in the north-west of the Zachodniopomorskie province, in the districts of Kamien Pomorski and Gryfice.
PGE Group’s renewables unit, PGE Energia Odnawialna, has been tasked with building the project, which went under construction in February last year. The wind farms are expected to commence commercial operations sometime in the first half of 2020.
With the Klaster project online, PGE will reach around 650 MW of the total installed wind power capacity.
(PLN 1.0 = USD 0.262/EUR 0.236)