Profil:
PGE SAPGE power inks PLN 2.25 bln loan agreement with EIB
Listed power group PGE has signed a PLN 2.25 billion (EUR 527.4 mln) term loan agreement with the European Investment Bank for financing of capital expenditures of its renewables subsidiary, Energia Odnawialna S.A., for the modernisation project of Porabka-Zar pumped storage power plant and for construction of PV farms together with the grid connection infrastructure.
"(...) on April 25, 2025, PGE has signed a term loan agreement with the European Investment Bank. The value of the loan agreement amounts to PLN 2,250,000,000 and the loan will be intended for financing of capital expenditures of PGE Energia Odnawialna S.A. (PGE's subsidiary) for the modernisation project of Porabka-Zar pumped storage power plant and for construction of PV farms together with the grid connection infrastructure," PGE announced in the market filing.
The group added that the financing is provided as part of supporting REPowerEU plan in Poland.
The loan will be drawn in tranches. Each tranche may be drawn in PLN or EUR.
The final maturity date will be maximum 18 years from the drawing date of the last tranche whereby the last tranche may be drawn no later than 24 months from the agreement signing date.
The interest rate will be determined before the payment of each tranche.
As PGE reported, the agreement does not provide for tangible collaterals.
"After signing of the agreement, total nominal value of the financing from the EIB amounts to PLN 8,912,500,000," PGE wrote.
ao/