EBRD Channels €1.35 Billion Into Poland’s Green Transition And Economic Resilience Through Record 44-Project Portfolio

The European Bank for Reconstruction and Development invested €1.35 billion in Poland throughout 2025 across 44 projects, sustaining high-level support for the country’s energy security, business growth, and private sector competitiveness. These figures positioned Poland as the EBRD’s third-largest investment market for the year, reflecting both sustained scale and strong demand for the institution’s long-term financing amid evolving macroeconomic and geopolitical pressures.

The investment maintained near-record levels following 2024’s €1.43 billion deployment, demonstrating the Bank’s consistent commitment to Poland despite global economic headwinds. Since beginning operations in Poland in 1991, the EBRD has now invested more than €16.6 billion in the country, with an extraordinary 92% of this funding directed toward private sector companies—cementing its role as a major institutional investor supporting Poland’s economic transformation.

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Strategic Importance Amid Regional Challenges

Andreea Moraru, EBRD Head of Poland and the Baltic States, emphasized that the Bank was pleased to support clients with both institutional capital and technical expertise, helping them grow their businesses, strengthen economic resilience, and boost Poland’s energy security. “Our high level of investment reflects Poland’s continued strategic importance, strong EBRD value add and sustained demand for long term, agile finance since the start of Russia’s full-scale war on Ukraine,” she stated.

This context is crucial. Poland’s proximity to the conflict in Ukraine has simultaneously presented challenges—through disrupted regional trade and heightened security concerns—and opportunities, as the country has become increasingly important as a logistics hub and manufacturing center serving markets further west. The EBRD’s sustained investment reflects confidence in Poland’s economic fundamentals and its strategic role in regional integration.

Moraru noted in mid-2025 that investor perception of Poland had improved significantly over the previous 6-9 months. While investors had previously felt less comfortable viewing Poland through the prism of its proximity to Ukraine, the country’s strong economic fundamentals contributed to improved sentiment. The Polish economy demonstrated resilience with growth forecast at 3.4% in 2025, driven by public investments under the national recovery plan, falling inflation, and rising consumption and wages.

Green Energy Transition Takes Center Stage

Perhaps most significantly, 74% of the Bank’s total investment in Poland in 2025 supported the transition to green energy, including projects boosting the generation and storage of renewable energy and initiatives fostering energy and resource efficiency. These measures are expected to improve the competitiveness of Polish businesses while supporting Poland’s transition to a low-carbon, energy-secure economy.

This emphasis on green transition aligns with Poland’s ambitious but necessary energy transformation. The country has historically been Europe’s most coal-dependent major economy, with coal accounting for approximately 57% of electricity generation in 2024—marking a decline from 63% in 2023 but still representing one of the highest shares in Europe. Looking ahead, Poland aims to further cut coal’s share as part of its broader commitment to climate neutrality.

Poland’s updated National Energy and Climate Plan targets are ambitious: more than half (51.8%) of Poland’s electricity should come from renewables by 2030, with this share expected to rise to nearly 80% by 2040. A sharp increase in renewable energy’s role is also expected in the district heating sector, where the share of renewable sources is set to reach 36.7% by 2030 and 67.6% by 2040.

The transformation represents an enormous undertaking. Poland’s renewable energy capacity has grown rapidly, with solar capacity reaching 17.31 GW by 2024, generating 11% of the country’s electricity. According to electric grid operator Polskie Sieci Elektroenergetyczne, the operational capacity of photovoltaic panels and wind farms reached a combined 34 GW in June 2025, with a historic milestone achieved when renewables overtook coal as the leading source of electricity for the first time in June 2025.

Landmark Sustainability-Linked Financing

Among 2025’s highlights was the Bank’s PLN 300 million (€70 million) sustainability-linked loan to fiber operator Światłowód Inwestycje (S-I) to support its fiber optic rollout strategy in semi-urban areas and refinance existing debt. Some 700,000 new households will gain access to high-speed internet thanks to this investment, marking a significant milestone in the company’s business plan to reach a total of 3.1 million homes passed by the end of 2032.

The EBRD’s financing consists of a committed secured Sustainability-Linked Loan of PLN 300 million and an uncommitted debt facility of up to PLN 85 million (€20 million). Holger Muent, Head of the EBRD’s Telecommunications, Media and Technology department, said the first engagement with S-I marks an important step in expanding support for sustainable digital infrastructure in Poland, noting that by linking financing to measurable ESG outcomes, the project sets a strong precedent for transparency and accountability.

The Bank also backed Żabka Group’s debut sustainability-linked bond issuance in local currency with PLN 140 million of investment. This support for the convenience store chain’s first sustainable bond issue worth PLN 1 billion represented an important development in Poland’s capital markets, demonstrating growing appetite for ESG-linked financial instruments among corporate issuers.

Catalyzing Private Capital Through Equity Investments

The Bank continued to play an active role in Poland’s capital and financial markets, investing a total of €257 million in equity commitments to Polish companies and funds—a 26% increase compared with 2024. This included investments in innovative firms such as robotics company Unilogo, insurtech leader Trasti, and venture capital fund Movens Fund 2.

The investment in Unilogo Robotics was particularly noteworthy. The Bank acquired an indirect minority stake in the robotics company alongside private equity fund Resource Partners, in which the EBRD is also a limited partner. Operating at the intersection of industrial automation and software, Unilogo is a fast-growing Polish business offering robotic assembly line solutions controlled by proprietary software and tailored to short production runs primarily for personal care and household products segments.

The EBRD’s investment supported Resource Partners’ acquisition of Unilogo, paving the way for the company to grow further in Poland and beyond. As new shareholders, the EBRD and Resource Partners will help Unilogo develop and expand its highest-speed robotic lines as well as improve its proprietary software and corporate governance—critical elements for scaling innovative manufacturing solutions.

These equity investments helped innovative companies scale up, professionalize, and attract private capital amid challenging market conditions characterized by credit tightening and cautious investor sentiment toward the region. The EBRD’s willingness to take equity positions signals confidence in the long-term growth prospects of Poland’s innovation economy and its ability to compete internationally.

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Unlocking Green Finance Through Risk-Sharing Mechanisms

Perhaps one of the most strategically significant transactions was the Bank’s provision of an €80 million unfunded portfolio risk-sharing guarantee to BNP Paribas Bank Polska under the InvestEU framework. This guarantee is expected to unlock €100 million of new financing for eligible green projects, demonstrating the powerful leverage effect of well-structured guarantee instruments.

The guarantee enables BNP Paribas Bank Polska to lend €100 million worth of sub-loans to private individuals for residential energy efficiency improvements, renewable energy investments, and investments in sustainable transport. Under the programme, the bank will offer funding for private individuals to replace outdated heating systems and undertake comprehensive thermal upgrades in single-family homes across Poland.

The scheme is expected to benefit single-family homeowners, representing almost 40% of Poland’s residential building stock. This will help address issues such as Poland’s residential housing sector’s high energy and carbon intensity and assist the country in moving towards a low-carbon economy by reducing annual energy consumption and greenhouse gas emissions. It will also help tackle the country’s pressing air pollution challenges, which stem in large part from residential heating that relies on coal-fired boilers and accounts for around 40% of Poland’s air quality problems.

The project fully aligns with the EBRD’s Green Economy Transition (GET) approach and benefits from EU partial first loss risk cover and technical assistance provided under the InvestEU Programme. This represented the EBRD’s first InvestEU facility in Poland’s financial sector, establishing a model that could be replicated for other green financing initiatives.

Supporting Alternative Finance Channels

Beyond traditional lending, the EBRD worked to diversify Poland’s financing landscape. The Bank invested €40 million in CVI Private Debt Fund II, a fund managed by CVI Dom Maklerski, a Polish private credit-focused fund manager. The fund, which achieved several closings since Q1 2024, totaled €181 million in capital commitments and provides flexible debt financing solutions to underserved small and medium-sized enterprises (SMEs) in Poland and across the wider Central and Eastern Europe.

CVI is a leading private credit-focused investor in CEE, having completed more than 700 private debt transactions and invested almost €3 billion providing primarily senior credit solutions to SMEs in Poland and the wider region. The EBRD’s commitment, alongside that of other development finance institutions and local private commercial investors, provides a strong signal to the market and helps CVI attract additional institutional capital for the fund.

This support for alternative finance channels is particularly important as shallow local capital markets, credit tightening, and shifts in market sentiment toward the region continue to constrain private firms’ access to traditional bank loans and capital. By backing specialized funds and managers, the EBRD helps build out the full spectrum of financing options available to Polish businesses at different stages of development and with varying risk profiles.

Strategic Framework: The 2024-2029 Country Strategy

The investment activities in 2025 operated within the framework of the EBRD’s new country strategy for Poland approved in 2024, which sets out three priorities for the Bank’s work in the country through 2029:

First, accelerating Poland’s green transition by continuing to support the scaling up of renewable energy projects, targeting energy and resource efficiency in industry, buildings and logistics, and providing advisory services on green technologies and practices. With fossil fuels still dominating Poland’s total energy supply, large-scale investment is needed to expand renewable energy capacity and strengthen the grid to meet the country’s goal of 50% of electricity produced from renewable energy sources by 2030.

Second, supporting the competitiveness of Polish companies through innovation, digitalization, and good governance. This is key to boosting Poland’s stagnant manufacturing productivity and achieving its economic growth potential. The EBRD places particular emphasis on equity investments in Polish companies whenever feasible and supports clients with technical assistance to build stronger corporate and climate governance practices.

Third, strengthening resilience and economic integration by focusing on energy security, capital markets development, and regional integration. The Bank considers investing in the expansion of electricity transmission and distribution grids to increase the absorption of more renewable energy production, and supports the scaling up of finance through capital market mechanisms.

The Enormous Challenge Ahead

While the EBRD’s investment represents significant support, the scale of Poland’s energy transformation challenge should not be underestimated. According to analysis by Arthur D. Little, the €650-€670 billion investment requirement for Poland’s energy sector from 2025–2040 exceeds available domestic financing capacity, with Polish banks capable of providing only €60-€95 billion by 2030.

Generation claims 35% of total spending, dominated by renewable expansion and nuclear development. However, system integration costs—often overlooked in standard analyses—more than double the true cost of renewable generation, emphasizing the need for balanced technology portfolios. Success demands coordinated action involving state-led investment-support mechanisms, enhanced private sector engagement through improved regulatory frameworks, innovative financing models, and international partnerships to bridge funding gaps.

Despite these challenges, all scenarios analyzed suggest that renewables and storage will become Poland’s primary power source, accounting for approximately 70%-80% of total installed capacity by 2040. Renewable energy sources are projected to supply around 50% of electricity by 2035, followed by moderate growth in subsequent years.

Looking Ahead: Continued Partnership

As Poland navigates this historic energy transition while maintaining economic competitiveness and energy security, the EBRD’s role as a patient, technically sophisticated capital partner becomes increasingly valuable. The Bank’s ability to provide not just financing but also policy advice, technical assistance, and connections to international best practices helps Polish companies and institutions manage the complex challenges of transformation.

The 2025 results demonstrate that despite—or perhaps because of—the challenging regional security environment and ambitious decarbonization targets, Poland remains an attractive market for development finance focused on building resilient, competitive, and sustainable economic structures. With the country strategy running through 2029 and strong pipeline development already underway, the EBRD’s engagement with Poland appears poised to remain robust in the years ahead.

For Poland, leveraging international institutional capital like that provided by the EBRD, alongside mobilizing domestic resources and attracting private international investment, will be essential to achieving its vision of becoming a renewable energy leader in Central Europe while maintaining the industrial competitiveness that has driven its economic success over the past three decades.

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By: Montel Kamau

Serrari Financial Analyst

5th February, 2026