A record €1.3 billion was invested in Poland by the European Bank for Reconstruction and Development in 2023

The European Bank for Reconstruction and Development (EBRD) invested a record €1.3 billion in Poland’s economy in 2023, making it the third-biggest recipient of the bank’s investments. To endorse coal-dependent Poland in its energy transition, the EBRD allocated the largest share of the funds to “green” projects and initiatives.

Last year, the bank financed over 30 projects across Poland, to which it committed €1.3 billion, which is significantly higher than the €990 million from 2022. Only Turkey (€2.5 billion) and Ukraine (€2 billion) received more than Poland among the 38 countries benefiting from the banks’s investments. 

The planned construction of Poland’s first offshore wind farm represents one of the EBRD’s most significant investments in the country, amounting to €140 million. The facility, owned by a joint venture between Polish oil refiner PKN Orlen and Canada’s Northland Power In, will be equipped with 76 units of the V236-15.0 MW machines. The investment is to add over 1.3 GW to Poland’s energy capacity by the 2030s. 

The EBRD also invested €75 million into renewable energy developer R.Power, €50 million into banking technology provider Vodeno and €25 million into Pelion, a Polish pharmaceutical company. 

The EBRD announced its plans to “maintain its focus on green technology in Poland, especially renewable energy sources, energy efficiency, green city initiatives and innovative technologies.” 

The share of Poland’s renewables in its energy mix has observed a significant rise in the last decade, from 7% in 2012 to 17% today.

 

Image: Freepik

Author: Sébastien Meuwissen

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