Orlen has signed a second agreement with the European Investment Bank. The corporation has secured 900 million PLN for the expansion of the energy network, including new connections for renewable energy sources.
The company announced the signing of an agreement with the European Investment Bank. It concerns the financing of a strategic investment program to develop the energy distribution network. The corporation has secured 900 million PLN, which will be used, among other things, for renewable energy connections and new electric vehicle charging points. The company emphasizes that the network expansion will improve the security of electricity supply.
Development of the Power Grid
The investments will be carried out by Energa Operator, a subsidiary of the Orlen Group. By the end of 2026, about 830 kilometers of power lines and 320 kilometers of new connections will be built. According to the corporation, this will enable them to reach nearly 25,000 new customers. The company plans to invest in energy storage and remote reading meters, which are essential for using dynamic tariffs.
– The energy transformation of the Orlen Group is significantly dependent on effective investment financing. Cooperation with the European Investment Bank allows us to obtain the necessary funds on attractive terms compared to commercial offers. Optimizing the costs of implementing the Orlen Group’s development programs is one of our priorities, and its effective implementation contributes to increasing the company’s value for shareholders – says Magdalena Bartoś, Orlen’s Vice President for Finance.
Renewable energy sources will receive connections
The creation of new connections will enable the connection of zero-emission energy sources with a total capacity of 1.4 GW. According to Orlen’s estimates, this will provide access to green energy for approximately 900,000 households.
– The latest EIB financing will serve to strengthen and expand the electricity network in Poland. The EIB is signing its second agreement this year for this purpose with the Orlen Group because investments in distribution are a key aspect of the energy transformation in our country. The support so far, worth 1.8 billion PLN, from the total reserved amount of 3.5 billion PLN, will allow for the connection of new customers, including prosumers, increasing the network’s capacity and adapting it to the requirements of renewable energy sources, as well as enhancing the security of supply by improving the network’s resilience to extreme weather events such as strong winds and heavy rains, which are occurring with increasing intensity and frequency due to climate change. Thanks to cooperation with the Orlen Group, the new funds from the EIB will work towards these strategic tasks from the perspective of Poland’s security and sustainable development – emphasizes EIB Vice President, Professor Teresa Czerwińska.
Orlen / Marcin Karwowski