Bank of America ready to co-finance Belchatow II plant

Bank of America is likely to be one of the institutions that will finance the $700 million-$800 million construction of the new Belchatow II power plant. The bank is also the economic adviser for the power station in that venture. According to the bank's Polish subsidiary vice-president Maciej Wolanski, an eventual financing of the venture would either involve a loan or a share issue. Bank of America has expressed its intent to participate in the tender which should be called soon. Construction of Belchatow II should start by 2002 and if all goes well, the 830 megawatt facility could be in commission at the beginning of 2007. The plant will produce the cheapest power in the country, at only 1.5 cents per kilowatt-hour. It would be fuelled with coal from Belchatow mine which has reserves that could last up to 2040. (Puls Biznesu, page 3)