We advised the state-owned Ignitis Group on a loan from the European Investment Bank (EIB) to Pomerania Wind Farm, a Polish company belonging to the group. The PLN 258 million (about EUR 60 million) loan will be used for developing a 94 MW wind farm. The EIB loan will cover around 47 % of project investment costs.
Ignitis Renewables, a subsidiary of Ignitis Group, which owns all the shares in Pomerania Wind Farm, has signed an agreement with the EIB to mortgage 100% of the company’s shares to the bank. The EIB financing, supported by the European Fund for Strategic Investments, is scheduled to be repaid by 2035.
Wind park to generate electricity for 75,000 households
The wind park, consisting of 29 turbines, is located in the Pomeranian Voivodship, approximately 50 km from the coastline of the Bay of Gdansk. Construction work started in July last year, and the project is expected to be operational in the spring of 2021. The wind park has an expected annual capacity of 300 GWh of electricity, potentially making clean energy generated by the project available to around 75,000 households.
Our team, consisting of partner Tomas Kontautas and senior associate Dalia Augaitė, advised the client on all transaction-related matters.