EIB and Orlen sign €207 million loan for grid upgrades

Green Forum

25 December, 2024 at 4:22 PM

The European Investment Bank (EIB) and ORLEN Group, Poland's largest energy company, have signed a second loan agreement this year, amounting to €207 million, to support energy transition projects.

This latest financing brings the total EIB funding for Energa's power distribution network in 2024 to €414 million. The funding is part of a larger € 805 million authorization for 2024-2025.

Energa, a subsidiary of ORLEN, will use the financing to expand and strengthen its grid infrastructure, including the construction of new power lines and the integration of renewable energy sources. The project aims to provide electricity to new households and improve grid resilience.

The EIB funding will support the installation of approximately 830 kilometers of new power lines and 320 kilometers of connections to serve around 25,000 new customers. Additionally, Energa plans to install 170,000 smart meters, 1,000 electric vehicle charging stations, and increase its renewable energy capacity by 1.4 GW, enabling clean energy access for around 900,000 new households.

The loan agreement between EIB and ORLEN Group falls under the EU's REPowerEU program, which aims to enhance the bloc's energy security and accelerate the green transition.

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