PKO Bank Polski Co-Finances Construction of the Largest Photovoltaic Farm in Poland

2022.05.11

PKO Bank Polski co-finances construction of the Zwartowo photovoltaic farm: this is the largest farm in Poland and in this part of Europe.
The farm will be built by the German company Goldbeck Solar in cooperation with a Polish firm, Respect Energy.
The amount of financing is PLN 635 million, while the share of PKO Bank Polski is 1/3 of this amount.
It will deliver electric energy generated in an environmentally friendly way to 153,000 households.

PKO Bank Polski co-finances construction of the largest photovoltaic farm in Poland and in this part of Europe The Zwartowo farm has a surface area of 300 hectares and is located in Pomorze, in the Wejherowo poviat. The farm will be built by the German company Goldbeck Solar in cooperation with a Polish firm, Respect Energy The amount of financing of the next stage of the investment amounts to PLN 635 million. Eventually, the farm will deliver green energy to approx. 153,000 households.

The huge farm will be located in Pomorze, in a village called Zwartowo in the area of the Choczewo county in the Wejherowo poviat. The construction is going according to the plan; the first stage of the project will already be launched in June 2022. The farm will have a capacity of 204 MW in the first stage of the investment, while eventually 286 MW and will generate approx. 270 GWh of green energy in the course of the year. The investor is the German company Goldbeck Solar in cooperation with a Polish firm, Respect Energy. The Goldbeck Solar Group is active on the PV market in 17 countries, in the area of project development, construction, O&M and asset management services. It has a portfolio of installations with installed capacity of approx. 2 GWp worldwide. Respect Energy is an independent seller of electric energy, operating at the Polish market since 2013. It focuses exclusively on renewable energy, not only in the area of energy trading, but it also invests in the portfolio of generation assets.

We are happy that we can participate in the financing of the largest projects in the area of renewable energy sources, supporting Goldbeck Solar in the strategic partnership with Respect Energy in performing this ambitious enterprise. The Zwartowo farm is an excellent addition to our policy of supporting the country’s de-carbonisation. In front of our eyes, the Polish energy sector is undergoing a dynamic transformation towards zero emission,”

says Ilona Wołyniec, Head of Relations with Strategic Clients and Project Financing Department in PKO Bank Polski.

The PKO Bank Polski Capital Group supports energy transformation of Poland and reduces the negative impact of its operational activities on the environment. In 2020, the Bank started to account for the ESG risks in the credit process for corporate clients and updated the credit policy for high-emission sectors. It also implemented the Renewable Energy Sources Policy, as part of which it concludes new RES financing transactions. In July 2021, PKO Bank Polski adopted non-financial objectives in the ESG area. Among others, the Bank became liable for eliminating exposure to coal extraction sector by 2030 and for increasing green financing on the level of at least 5% y/y. The indicators also include liability for limiting the emission of greenhouse gases of the bank to 40,000 tons in 2025, i.e. by 60% as compared to 2019.

In 2021, PKO Bank Polski increased the share of green financing by 83% y/y while its share in the bank’s balance sheet sum was 3.5 times higher than the share of high-emission financing. Engagement in the financing of high-emission sectors at the end of 2021 was at 0.37% of the balance sheet sum, while green financing 1.3%.

Other banks participating in the consortium are: Pekao SA and the European Bank for Reconstruction and Development.

***

PKO Bank Polski is the indisputable leader at the Polish banking sector; the value of its assets amounts to PLN 418 billion. In 2021, it earned a net profit of PLN 4.9 billion. The Bank services 11 million retail clients. The is the basic supplier of financial services for all segments of clients, having highest shares in of deposits (17.8%), credit (17.4%) and the market of investment funds of natural persons (19.9%). Thanks to the development of digital tools, including IKO, which has been activated on more than 6 devices of clients, PKO Bank Polski has become the most mobile bank in Poland. The company is reinforcing its foreign presence via corporate branches operating in Germany, Czech Republic and Slovakia.

Katarzyna Ewert-Gandzel

Press Center

prasa@pkobp.pl

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