The Polish Government announced it is launching a near €5bn ($5.46bn) loan programme for offshore wind, financed by the EU’s recovery funds.
Loan agreements will be used to finance projects with a minimum installed capacity of 300MW, state-owned bank BKG said. Loans can be concluded until 31 August 2026 and have a maximum repayment period of up to 2053.
Developers of the programme are planning to build 5.9GW of additional offshore wind capacity in Poland by 2030.
According to Power Technology’s parent company, GlobalData, Poland’s total installed wind capacity stood at 9.4GW in 2023. If the project is successful, it will add an additional 63% of installed wind generation in the country.
Developers of offshore wind projects include state-owned Polish utility PGE, sustainable energy developer Ørsted, oil refiner Orlen and power producer Northern Power.
Poland’s Ministry of State Assets said the launch of the funding programme follows an agreement between the ministry and BGK, one of the milestones of the national recovery plan.
This recovery plan highlights Poland’s targets for rebuilding its socioeconomic dependence following the Covid-19 pandemic.
The Polish Government has since revised its national energy and climate plan and is aiming for half of Poland’s electricity to be produced by renewables by 2030. In 2023, according to GlobalData, wind power accounted for 14% of Poland’s total electricity generation.
Additional wind capacity is expected as a result of the loan programme, which will not require the approval of the European Commission.
