We use cookies to make sure our website better meets your expectations.
You can adjust your web browser's settings to stop accepting cookies. For further information, read our cookie policy.
IN Warsaw
Exchange Rates
Warsaw Stock Exchange - Indices
The Warsaw Voice » Business » May 28, 2013
Business & Economy
You have to be logged in to use the ReadSpeaker utility and listen to a text. It's free-of-charge. Just log in to the site or register if you are not registered user yet.
EBRD Loan for Polish Power Sector
May 28, 2013   
Article's tools:

The European Bank for Reconstruction and Development (EBRD) has announced it will grant a loan of up to zl.283 million (69 million euros) for the construction of a combined-cycle gas turbine power plant in Stalowa Wola, a city of around 65,000 in southeastern Poland.

The new plant will have a capacity of 449 MWe/240 MWt and will be the first large-scale gas-fired power plant in Poland, according to the EBRD. The new facility will replace old coal-fired power units at Stalowa Wola and is expected to lead to a reduction in carbon emissions by at least 950,000 metric tons per year.

The project is part of an ambitious Polish energy investment program driven by the need to decommission and replace obsolete, inefficient and ecologically harmful power units from the 1950s and 1960s, the EBRD said. The new gas-fired plant will meet all EU and local environmental standards, the bank added.

Bank Pekao SA will provide another zl.283 million to finance the project under a deal with the EBRD, and the European Investment Bank (EIB) will provide a parallel loan of up to zl.566 million. The total project costs are estimated at around zl.1.56 billion, with the remaining funding to be provided by the investors: leading Polish power utility Tauron and the country’s biggest gas company, PGNiG.

Nandita Parshad, director of the EBRD’s Power and Energy Utilities Team, said the bank is investing in the modernization of Poland’s power sector with the aim of strengthening efficiency and lowering emissions. She added that the project will reduce Poland’s dependence on coal-based power generation.

The EBRD, owned by 64 countries and two intergovernmental institutions, has been one of the most active investors in Poland in many sectors of the economy since 1991. To date the bank has invested more than 6 billion euros in projects with a total value of 31.3 billion euros in this country. The energy sector is one of the bank’s top priorities in Poland given the climate change challenges that the country is facing on its way to diversifying its energy mix and reducing carbon dioxide emissions.
© The Warsaw Voice 2010-2018
E-mail Marketing Powered by SARE