BGK launches call for applications for €4.8bn offshore wind power loans

Bank Gospodarstwa Krajowego (BGK) has launched a call for applications for offshore wind energy loans, the bank said. This follows the fulfilment of one of the KPO's milestones - the signing of a cooperation agreement between BGK and the Ministry of State Assets (MAP). As a result, the bank can now provide loans for projects that involve the construction of wind farms in the Baltic Sea. Support will be provided by the KPO in the form of the Offshore Wind Energy Fund, which amounts to €4.785 million.

"Financing projects from the KPO is our chance to take another step towards Poland's energy transformation. More than PLN 21 billion from the National Reconstruction Plan has been earmarked for the construction of offshore wind farms in the Baltic Sea, this is very important for strengthening our country's independence and ensuring energy security. The construction of offshore wind farms will also play a key role in the development of the Polish economy, domestic companies directly or indirectly linked to the sector will gain new growth opportunities. We are pleased that, as a Polish development bank, we can participate in these activities and, with our know-how and experience, implement further instruments implemented with European funds," said BGK's first vice-president Marta Postuła.

BGK will provide loans for the construction of wind farms in the Baltic Sea from the funds of the Offshore Wind Energy Fund. The loans will be granted on market terms. As a result, the support provided to investors will not be state aid and thus will not require additional notification to the European Commission. Projects with a minimum size of 300 MW of installed capacity will be supported.

Loan agreements for the financing of offshore wind farms can be concluded until 31 August 2026, with a maximum repayment period until 2053, it was reported.

Source: BGK and ISBnews