EIB lends up to PLN 295 mln to Tauron for renewable energy

The European Investment Bank (EIB) will lend up to PLN 295 million to the energy company Tauron for investments in renewable energy. New electricity distribution networks, smart meters and existing network upgrades are part of the planned investments, as mentioned in an EIB release. EU requirements to support the development of smart grids is just one of the tasks set forth in the EIB's renewable energy lending objectives. The refurbishment of Tauron's existing hydroelectric power plants will aim to increase efficiency and generating capacity. Krzysztof Zawadzki, CFO of Tauron said, “The finance provided by the EIB enables us to acquire funds on favourable terms compared with those offered by commercial banks and for longer maturities.” In total, the EIB has made four loans to the company totalling PLN 1.7 billion. Among the investments is a new biomass-fired power unit at the Jaworzno III power plant.