EIB grants PGE PLN 2 billion loan

The European Investment Bank (EIB) has provided two loans totaling almost PLN 2 billion (some €475) to PGE Group for electricity network modernization and the construction of two cogeneration units in gas-fired, combined heat and power plants. The new units are located within the boundaries of the existing plants in Gorzów and Rzeszów and are reducing the current activity of coal-fired installations. “The EIB, as the bank of the European Union, strongly promotes a competitive, diversified and secure energy supply. We therefore particularly welcome this agreement with PGE, as its investment is improving the reliability of the electricity supply in Poland and reducing interruptions in distribution.  Thanks to the use of gas, PGE’s undertaking is also increasing the diversification of the Polish power sector, which is dominated by coal-fired plants," said László Baranyay, EIB Vice-President with responsibility for the Bank’s operations in Poland. “The EIB loan represents additional large-scale financing recently obtained, which further proves that the PGE Group is seen as a stable partner not only by financial institutions operating in the Polish market but also in the wider European arena," Marek Woszczyk, CEO of PGE said.