Belchatow planning $750 million power development

El Belchatow, one of the country's largest power plants, has announced plans for the construction of a new 830 MW power block. According to a business plan drawn up by Bank of America, the project, to be known as Belchatow II, will cost around $750 million. "The final price will be decided when tenders for the execution of the investment and financial planning are submitted," said Tadeusz Banasiak, president of El Belchatow II, the company responsible for organizing the investment. The company is planning to cover around 20% to 30% of the total cost from its own sources, which means it will have to provide an estimated $150 million to $225 million. As for the rest of the funding, Banasiak explains, "Probably part of the financing sources will come from commercial credits. We have also spoken to the European Bank for Reconstruction and Development and the European Investment Bank. Both are interested in financing a considerable part of the construction costs." Work on the new block is planned to begin in the middle of 2002. (Puls Biznesu, p. 4) A.K.