Erste Group and Siemens Financial Services Support Poland’s Energy Transition Through Large-Scale Battery Storage Financing

© Erste Group / Marlena König

(IN BRIEF) Erste Group and Siemens Financial Services have provided R.Power with approximately PLN 270 million, or around EUR 64 million, in project financing for the construction of a 150MW / 300MWh battery energy storage system in Jedwabno, Poland. The transaction is described as the largest project finance deal completed for a utility-scale BESS in the Polish market and sets a benchmark for large-scale energy storage financing in Central Europe. The project is supported by a 17-year capacity market contract secured through Poland’s auction system and a long-term optimisation agreement, creating a robust revenue framework for the standalone storage asset. Construction is already underway, with completion expected by the end of 2026. Once operational, Jedwabno will become one of Poland’s largest utility-scale battery storage projects, providing grid stabilisation capacity as the country moves away from coal and strengthens energy security.

(PRESS RELEASE) WIEN, 5-Jun-2026 — /EuropaWire/ — Erste Group Bank AG and Siemens Financial Services have provided a project finance facility of approximately PLN 270 million, equivalent to around EUR 64 million, to R.Power for the construction of a large-scale battery energy storage system in Jedwabno, Poland.

The 150MW / 300MWh project is one of the largest battery energy storage systems currently under construction in Poland and represents a landmark financing transaction for utility-scale energy storage in the country. The club deal financing by Erste Group and Siemens Financial Services sets an important benchmark for large-scale BESS project financing in Central Europe.

The Jedwabno project is supported by a strong contractual structure, including a 17-year capacity market contract secured through Poland’s auction system. This long-term revenue framework has helped make project financing possible at this scale and reinforces the bankability of standalone battery storage assets in the Polish market.

The project is also backed by a long-term optimisation agreement, further supporting its commercial structure. Once completed, the battery energy storage system will provide critical grid stabilisation capacity as Poland continues to accelerate its energy transition and reduce its reliance on coal-fired power generation.

Michał Swół, Chief Investment Officer at R.Power, said Jedwabno is an important step both for the company and for Poland’s energy storage market. He noted that securing project finance at this scale, supported by long-term revenue contracts, demonstrates that large-scale battery energy storage systems are now fully bankable in Central and Eastern Europe.

Construction at the Jedwabno site is already underway, with completion targeted for the end of 2026. Once operational, the project is expected to become one of Poland’s largest utility-scale battery storage assets, supporting greater flexibility, reliability and stability in the country’s power system.

Juan de Porras Aguirre, Executive Director Corporates at Erste Group, said Jedwabno marks a turning point for energy storage in Central Europe. He said Erste Group’s participation in financing the transaction reflects the bank’s commitment to supporting the energy transition at a time when energy security and independence are increasingly important. He added that delivering one of the first large-scale non-recourse financings for a standalone battery storage project in Poland demonstrates Erste Group’s structuring expertise and confidence in the country’s fast-evolving energy market.

The transaction also underlines the strategic importance of Poland for Erste Group following its recent expansion into the country. The bank said it will continue to deploy capital into future-oriented infrastructure across its markets.

R.Power is an independent power producer active across multiple renewable energy technologies and European markets. Founded in 2010 and headquartered in Warsaw, the company covers the full project value chain, from origination and development to commercialisation and long-term operation. It has 1.4GW of projects either operational or under construction.

R.Power’s growth strategy is focused heavily on battery energy storage, including standalone and hybrid projects with solar PV. The company has more than 10GW of grid-secured utility-scale BESS, hybrid and renewable generation projects across major European markets, including Poland, Romania, Germany, Italy, Portugal and Spain.

Siemens Financial Services, the B2B financing arm of Siemens, provides tailored financing solutions across sectors including energy transition, smart infrastructure, industrial productivity, sustainable mobility and healthcare. The company is also a major provider of financing for renewable energy and resource-efficient industries.

Erste Group is a leading banking group in Central Europe, serving around 23 million customers across eight core markets: Austria, Croatia, the Czech Republic, Hungary, Poland, Romania, Serbia and Slovakia. The bank provides services to private, corporate and institutional clients, combining digital capabilities with a broad regional branch network.

Media Contacts:

Erste Group | Press Department, Am Belvedere 1, 1100 Wien

Margarita Thiel, +43 (0) 50100 – 13425, E-Mail: margarita.thiel@erstegroup.com

Martin Sonn-Wende, +43 (0) 50100 – 11680, E-Mail: martin.sonn-wende@erstegroup.com

Peter Klopf, +43 (0) 50100 – 11676, E-Mail: peter.klopf@erstegroup.com

Karin Berger, +43 (0) 50100 – 17629, E-Mail: karin.berger@erstegroup.com

Marvin Aschinger, +43 (0) 50100 – 17689, E-Mail: marvin.aschinger@erstegroup.com

Lev Ratner, +43 (0) 50100 – 17643, E-Mail: lev.ratner@erstegroup.com

Text also available on: https://www.erstegroup.com/en/news-media

SOURCE: Erste Group