MINEX Forum

Tag: Wind Farm

  • Eurasian Resources Group Launches Major Wind Farm in Kazakhstan

    Eurasian Resources Group Launches Major Wind Farm in Kazakhstan

    Eurasian Resources Group (ERG), a global metals and mining company headquartered in Luxembourg, has opened the Khromtau wind farm in Kazakhstan with a capacity of 150 megawatts of green energy. The project is one of the largest renewable energy facilities in Kazakhstan and Central Asia and required an investment of more than US$142 million. The wind farm is located in the Aktobe Region and includes 24 turbines. The facility will generate more than 500 million kilowatt hours of green energy annually. All in all, the facility will help reduce up to 440,000 tonnes of carbon dioxide emissions and save more than 300,000 tonnes of coal each year. The project has been implemented by ERG Capital Projects, a Group subsidiary, with financial support from the Development Bank of Kazakhstan.

    During the opening ceremony of this critical green energy project, Shukhrat Ibragimov, CEO and Chairman of the Board of Directors of ERG, said: “With its Khromtau wind power project, the Group makes a major contribution towards achieving Kazakhstan’s national goal of increasing the share of renewable energy sources. ERG is committed to ESG principles, and the new Khromtau wind power farm is a logical and very ambitious next step while implementing this. ERG’s first wind power project has already become a symbol of our transition to green energy.”

    The ESG Agenda is part of the company’s Strategy. The Group’s medium-term goal is to reduce the carbon footprint of its core products (aluminium, ferroalloys and iron ore pellets) by 30%. To achieve this, ERG is implementing projects with cumulative investments totalling US$300 million. In addition to wind power, these projects include switching the Kacharsky heating centre to gas in the Iron Ore Division, reducing steam consumption and improving the alumina production process in the Aluminium Division, and building a ferroalloy gas recycling power facility at the Aktobe Ferroalloys Plant to convert secondary energy resources into electricity.

  • Construction of Poland’s first offshore wind farm set to begin

    Construction of Poland’s first offshore wind farm set to begin

    Orlen announced yesterday that it has secured all the requisite construction permits, contracted all key components and secured all necessary financing. It has also started the construction of a terminal in the port city of Świnoujście that will speed up the installation of offshore wind turbines.

    “Despite the formidable challenges posed by the pandemic, supply chain disruptions and military conflict across our eastern border, we have adhered to the ambitious timeline we set from the outset,” said Orlen’s CEO, Daniel Obajtek. His firm describes Baltic wind as “Central Europe’s largest green energy project”.

    The foundation laying for the Baltic Power project is scheduled for 2024. The wind farm will comprise of 76 250-metre-high turbines, each with a unit capacity of 15 MW. Total installed capacity will reach 1.2 GW in 2026.

    Last month, Baltic Power signed loan agreements for a total of around €4.4 billion (a figure higher than the €3.6 billion initially reported) with 25 Polish and international financial institutions.

    “This is the largest financing obtained for a single investment in Poland’s history and one of the largest transactions of its kind in the offshore area in Europe,” said Orlen.

    As part of its energy transition strategy, the company also announced last month a $1 billion (4.2 billion zloty) investment in carbon capture and storage on Norway’s continental shelf.

    Poland has one of Europe’s most polluting energy sectors. The country still relies on coal to produce around 70% of its electricity, by far the highest proportion in the EU.

    But the government, which has been friendly towards the politically important coal sector, this year set a new target for Poland to produce three quarters of its energy from renewables and nuclear by 2040. The plans include offshore wind power capacity of 5.9 GW by 2030 and 18 GW in 2040.

     

  • PGE Polska Grupa Energetyczna S A : with the approval of the Board of Directors of the European Investment Bank to support the financing of the Baltica Offshore Wind Farm

    PGE Polska Grupa Energetyczna S A : with the approval of the Board of Directors of the European Investment Bank to support the financing of the Baltica Offshore Wind Farm

    The European Investment Bank (EIB) approved the in-principle financing of the Baltica OWF project to be implemented by the PGE Group. The total financing package amounts to EUR 1.4 billion. This is a significant step towards ensuring an optimal financing structure that will enable the construction of PGE’s first offshore wind farms in the Baltic Sea.

    Project will consist of several sages – for each of the stages of the Baltica OWF – stages Baltica 2 and Baltica 3 – there is one tranche to be disbursed in the Project Finance formula in the amount of up to EUR 350 million, and one tranche to be disbursed based on guarantees from financial institutions, banks or export credit agencies.

    Accelerating the energy transformation is a priority, which is why the EIB Group and the European Commission established the REPowerEU initiative. This aims to make the European Union independent of Russian energy resources and move the EU energy sector towards renewable energy. The Baltica Offshore Wind Farm project meets these goals.

    Obtaining a preliminary credit decision from the European Investment Bank is a significant step for financing the construction of the largest offshore wind farm in the Baltic Sea. The presence of a recognized and experienced international financial institution in financing the project is a signal that we are a reliable partner for financial institutions, the projects we run meet the highest standards, and the interest of the financial sector in cooperation with PGE in the field of offshore wind energy is really high

    Wojciech Dąbrowski, President of the Management Board of PGE Polska Grupa Energetyczna.

    Diversification of energy sources and independence from fossil fuels are key tasks for Poland and the European Union, and Baltica Offshore Wind Farm is a very important project implementing these goals. Supporting energy transition is a priority for the EIB as it accelerates green economic development and supports labor market

    Vice-President of the EIB, prof. Teresa Czerwińska.

    PGE is building the Baltica OWF together with its Danish partner – Ørsted. The project with a total capacity of approx. 2.5 GW consists of two stages – Baltica 2 with a capacity of approx. 1.5 GW, which is scheduled to be commissioned in 2027, and Baltica 3 with a capacity of approx. is planned by the end of this decade.