September 8, 2014 / 10:56 AM / 4 years ago

EBRD to invest heavily in Polish renewables

WARSAW, Sept 8 (Reuters) - The European Bank for Reconstruction and Development may invest up to 600 million euros ($777 million) a year in Poland, mainly in renewable energy, the bank’s head for Poland said.

“In the coming years we want to invest 500-600 million euros per year. This level may be exceeded it we find projects that fit well into our mandate,” Grzegorz Zielinski told Reuters.

“(These projects have to) contribute to economic transformation in a broad manner, to liberalization of the given sector, increasing the private sector’s share, improving innovation or cutting emissions,” he said.

Helping cutting carbon dioxide emissions is one of the main targets of the European Union’s investment arm in Poland. The EBRD may take part in three new wind farms projects late this year and early in 2015, Zielinski said, without giving details.

The European Commission, the EU executive, in January outlined a binding 2030 goal to cut carbon emissions by 40 percent compared with 1990 levels. The bloc has almost met its 2020 target of a 20 percent reduction.

Poland generates around 90 percent of its electricity from coal and must increase renewable energy to at least 15 percent of the total by 2020 to meet EU rules on carbon emissions. (1 US dollar = 0.7724 euro) (Reporting by Anna Koper; Writing by Marcin Goclowski; Editing by Christian Lowe and William Hardy)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below