Polish Briefing 9 December, 2020 10:30 am   

Polish Briefing: Orlen will release PLN 1 bln bonds to finance the green strategy


What goes on in Poland on the 9th of December.

Orlen will issue PLN 1 bn bonds to finance its green strategy

Orlen will issue bonds worth one billion PLN. The company boasted it received favorable financing conditions, which include the lowest interest rate in its history. “It will also be the first time in the history of Central Europe, when sustainable bonds have been issued with an interest rate based on an independent ESG rating, i.e. a rating that verifies the issuer’s engagement in sustainable development and corporate responsibility,” the company said.

Orlen stated that the profits may be used to, among others, bankroll the current investment projects that will advance the company’s 2050carbon neutrality strategy. “In line with our strategy, we are implementing ambitious projects that will allow us to achieve carbon neutrality by 2050. We are a reliable and stable partner, we run a state-of-the-art business, and we will pay for our investments by, among others, using the profits from selling the sustainable bonds,” Daniel Obajtek, Orlen’s CEO, stated.

The company also reminded that according to its strategy, by 2030 it would reduce CO2 emissions generated by its refining and petrochemical assets by 20 percent and lower the pollution produced during power generation by 33 percent per MWh. In line with the assumptions, investments under the carbon neutrality strategy will be co-financed, among others, through development and green bonds issued by PKN Orlen on the capital market.

Michał Perzyński