A consortium of banks with PKO BP provided Enea with PLN 2.5 billion in financing, including for the development of RES

A consortium of banks: PKO BP, Alior Bank, Bank of China (Europe) Branch in Poland, Bank Gospodarstwa Krajowego and Bank Pekao provided financing to the Enea group in the amount of PLN 2.5 billion, PKO BP reported. The share of this bank amounted to PLN 750 million.

“We are glad that we can support our long-term client in his ambitious plans that will contribute to the green transformation of the Polish economy. In accordance with the strategy of PKO Bank Polski for 2023-25, we focus on further development of this area of activity and offering companies solutions that will help them stay competitive in the face of business and regulatory challenges,” said Ilona, Director of the Strategic Customer Relations and Project Finance Division at PKO BP. Wołyniec

The financing includes a term loan and a revolving working capital loan. The term loan will be used to finance and refinance capital expenditure incurred for the construction, expansion, modernization and maintenance of the transmission grid and renewable energy sources.

The financing includes an ESG component, i.e. an obligation to maintain the specified levels of two ratios throughout the lending period: the CO2 emission reduction ratio and the RES capacity growth ratio.

In turn, the working capital loan will be used to finance current corporate goals and working capital of the Enea group, excluding any activity related to hard coal.

“The Enea Group is the vice-leader of the Polish energy market in terms of energy generation. In accordance with the development strategy, Enea will allocate PLN 14 billion to RES by 2043. By 2030, the installed capacity of renewable energy sources (RES) in the Enea Group will increase by approx. 1.5 GW, and in the perspective of 2040 by another 2 GW. The financing granted to it will contribute to the development of the Enea Group’s distribution network and zero-emission generation sources.

PKO Bank Polski is the leader of the Polish banking sector. The bank’s shares have been listed on the Warsaw Stock Exchange since November 2004. Total assets of the bank amounted to PLN 418.09 billion at the end of 2021.

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