Baku, Azerbaijan, April 26. The European
Investment Bank (EIB) has approved a PLN 2.25 billion (nearly $600
million) loan to PGE Polska Grupa Energetyczna (PGE) to expand
renewable energy production and modernise a pumped-storage power
plant, Trend
reports.
This is the seventh agreement between the EIB and PGE. The
funding will support the development of photovoltaic installations
with a total capacity of nearly 730 MW and the upgrade of the
Porąbka-Żar pumped-storage plant in southern Poland. The investment
is part of the REPowerEU initiative, aimed at strengthening energy
transition and climate action.
EIB Vice-President Teresa Czerwińska said the agreement would
help boost renewable energy capacity in Poland and contribute to
the European Union’s strategic goals.
The projects are expected to reduce greenhouse gas emissions and
air pollution, with a focus on regions where GDP per capita is
below the EU average. Upgrading the pumped-storage facility will
also help integrate more renewable energy into the grid.
PGE President Dariusz Marzec noted that the support from the EIB
would help increase the share of green energy in the company’s
energy mix and ensure stable supplies of clean energy.
PGE is Poland’s largest electricity producer and plans to
continue investing in renewables, energy storage, and distribution
networks in the coming years.