EC approves EUR 2.3bn in EU financing for Poland's offshore wind

The European Commission (EC) has approved about PLN 10 billion (USD 2.4bn/EUR 2.3bn) in financing for offshore wind farm projects in Poland under the Recovery and Resilience Facility (KPO), minister ​​Katarzyna Pelczynska-Nalecz said.

The minister of funds and regional policy posted the news on Tuesday when the EC said in a press release that it has approved Poland's request for EUR 9.4 billion in financing for the second and third instalments under the KPO. As much as EUR 5.3 billion (USD 5.6bn) of the total is in loans and EUR 4.1 billion in grants.

One of the flagship measures in the payment request was the accelerated deployment of renewable electricity. In this respect, Poland had made an important progress achieving a target of 23 GW of onshore wind and photovoltaic capacity already in early 2023, the EC said.

The EC concluded that Poland has satisfactorily met the 38 milestones and three targets set out for the second and third instalments. The approved financing also includes healthcare, digitalisation, spatial planning, the labour market, energy efficiency, air quality and clean mobility.

The EC has sent its preliminary assessment of Poland´s fulfilment of the milestones and targets required for this payment to the Economic and Financial Committee (EFC), which has four weeks to deliver its opinion and the payment to Poland can follow it.

Poland's KPO includes a wide range of investment and reform measures. The plan will be financed by EUR 59.8 billion, of which EUR 34.5 billion in loans and EUR 25.3 billion in grants.

(PLN 1 = USD 0.245/EUR 0.230)

(EUR 1 = USD 1.063)

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