PGE to finance Opole project partly with debt

Poland's largest utility PGE will finance its Opole power plant extension project from its own funds and with the help of debt financing, the company's financial and economic director Magdalena Bartoś said on Friday. In 2014 PGE will spend PLN 700 million on the project, then PLN 3.8 billion in 2015, PLN 3.3 billion in 2016, PLN 1.9 billion in 2018 and PLN 100 million in 2019. The company may issue bond denominated in złoty and euro, it may also take bank loans, Bartoś said. “We have positive feedback from partners on the financing of this investment,” she said. The construction of two new units at PGE's Opole power plant is set to start on February 1. The contract value is PLN 11.6 billion. PAP