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Europe Development Bank Mulls $108 Million for Polish Biomass
2010-12-14 14:06:20.317 GMT
By Sally Bakewell
Dec. 14 (Bloomberg) -- The European Bank for Reconstruction
and Development is considering an 80 million-euro ($108 million)
loan for a Polish biomass project developed by power plant
operator Zespol Elektrowni Patnow Adamow Konin SA.
The bank, which works with the private sector finance to
fund projects in central Europe and Asia, would provide the
senior secured loan to the unit of ZE PAK, according to a
statement on the bank's website.
EBRD in 2005 co-financed a 464-megawatt brown-coal station
at Patnow that is operated by the unit, Elektrownia Patnow II
Sp. Zoo. The loan is part of a refinancing package worth about
226 million euros to repay the existing project finance loan,
according to the EBRD.
The biomass plant would be built by ZE PAK at Konin in
central Poland. The Konin facility is the oldest brown coal-
fired plant in Poland, according to ZE PAK, which is based in
the town.
EBRD seeks to promote investment in diversifying Polish
energy sources, renewable energy and energy efficiency. This
comes under its "graduation" policy, which aims to advance the
transition of former communist eastern European countries toward
market-oriented economies.
As Poland's transition advanced and a competitive banking
sector emerged, the EBRD's role in the country declined. The
financial crisis renewed its activity and in 2009, the bank
signed 21 projects for 441 million euros, compared with 535
million euros and 31 projects from 2006 through 2008, according
the country strategy posted on its website.
For Related News and Information:
For top news on renewable energy: TOP ENV <GO>
Most-read wind news: MNI WIND <GO>
--Editors: Alex Devine, Jonas Bergman.
To contact the reporter responsible for this story:
Sally Bakewell in London at +44-20-3216-4332 or
Sbakewell1@bloomberg.net
To contact the editor responsible for this story:
Reed Landberg at +44-20-7330-7862 or
landberg@bloomberg.net
