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By 2026, the funds will build 830km of power lines and 320km of service lines, connecting nearly 25,000 new customers.
Orlen has signed a second agreement with the European Investment Bank (EIB) to fund its strategic electricity distribution network investment programme.
The nearly 1bn zlotys ($244m) funding aims to boast renewable energy connections, including powering 1,000 new EV charging points and expanding grid capacity to integrate 1.4GW of clean energy, enough to supply 900,000 households.
The investment will enable Energa Operator, an Orlen Group company, to embark on projects beginning next year.
By the end of 2026, the funds will be used to construct approximately 830km of power lines and 320km of service lines, extending the network to nearly 25,000 new customers.
The projects also include the deployment of 170,000 smart meters to enable quick remote reading of energy consumption data.
Orlen management board CFO and vice president Magdalena Bartos said: “The ORLEN Group’s energy transition depends heavily on our ability to secure cost-effective financing for investment projects.
“Through our partnership with the European Investment Bank we have access to the necessary funding on highly favourable terms, significantly better than those offered by commercial lenders. Cost optimisation for our growth programmes is a priority, and directly supports the creation of shareholder value.”
The EIB-backed initiative will significantly boost Orlen Group’s green energy portfolio.
This funding is part of a larger 3.5bn zlotys package allocated by the EIB for Orlen’s investments in expanding and modernising its energy network.
EIB vice-president Teresa Czerwinska said: “The EIB is doubling its financing to Orlen this year because upgrades and expansion of Poland’s power distribution network are key aspects of energy transition in Poland,
“As the EU’s climate and development bank, the EIB has so far contracted some 1.8bn zlotys for that purpose out of more than 3.5bn zlotys envisaged for Orlen’s subsidiary Energa. This will drive grid expansion to add new customers and upgrades to increase RES connection capacity.
“Investments will also increase supply security by improving the grid’s resilience to extreme weather events such as gale-force winds or heavy downpours that are aggravated by climate change. EIB financing will work towards these strategic goals for Poland’s safety and sustainable development through this partnership with Orlen.” |
