EBRD loans IPP Qair €63 million to boost Poland’s clean energy ambitions


The European Bank for Reconstruction and Development (EBRD) has announced further support for Poland’s energy transition with approximately €63 million ($67 million) in loans for renewables-focussed independent power producer (IPP) Qair’s 200MW renewable energy portfolio.

With participation from French banking group BNP Paribas, Qair, (formerly known as Lucia Holdings) will look to grow it’s estimated 220MW in renewable energy generation assets by a further 93MW under the Polish renewable energy auction support scheme. The capacity will cover three wind farms – Udanin (50MW), Parzeczew (9MW) and Wrzesnia (9MW) – 25MW of solar PV and operation of wind farms in Linowo (58MW) and Rzepin (48MW).

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The plans form part of Qair’s broader development strategy with a further 780MW under construction or at an advanced stage of development.

The loans will be provided to five Polish special-purpose vehicles that are owned by Qair and RGreen Invest, according to a press release from the company.

Poland is currently dependent on coal for 80% of its energy, but recent moves saw plans for the ‘last coal plant in Poland’ halted. The country has committed itself to the EU climate and energy targets for 2030, including a 40% reduction in greenhouse gas emissions.

Harry Boyd-Carpenter, EBRD Director, Head of Energy EMEA, said, “While so many efforts are rightly focused on addressing the COVID-19 crisis, it is also vital to sustain the momentum behind the green transition. Climate change may now feel less immediate, but it is every bit as serious a challenge.”

Jean-Marc Bouchet, Qair founder and Chairman, stated, “From its beginning, Qair has been focused on the energy transition by developing, building and operating renewable assets in France, Europe and the rest of the world. These financings from the EBRD and BNP Paribas of operating and new assets in Poland are a clear sign that Qair’s lifelong commitment to promoting green electricity is more relevant than ever and that the strategy that Qair has been pursuing in Poland for over five years is coming to fruition.”

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