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Orlen SAOrlen energy obtains PLN 1.7 bln from EIB for energy transformation
Poland's largest energy concern Orlen and the European Investment Bank (EIB) have signed a third agreement to finance the development of the electricity distribution network. The value of the granted funds is PLN 1.7 billion (EUR 405.3 mln), which, together with the two previous agreements, amounts to PLN 3.5 billion (EUR 834.4 mln), the company said in a press release.
Energa Operator of the Orlen Group will use the money raised from the EIB for investments that will result in strengthening the security and efficiency of electricity supply and increasing the potential of using renewable energy sources.
As stated in the release, the loan from the EIB is part of the financing of Energa Operator's PLN 40 billion (EUR 9.54 bln) investment programme announced in 2025.
The company plans to build 11,000 kilometres of new power lines and 7,000 kilometres of cable lines by 2035, as well as upgrading nearly 10,000 kilometres of existing lines. This will allow, among other things, 350,000 new customers to be connected to the grid and 9 GW of renewable energy sources, together with energy storage facilities to stabilise the operation of the power system.
In addition to EIB funding, Energa Operator has secured PLN 7.5 billion (EUR 1.8 bln) of EU funds under Poland's national recovery plan KPO for the programme.
mbi/ ao/ han/