EIB Grants PLN 2.25 Billion to PGE for Renewable Energy Projects in Poland

image from EIB

The European Investment Bank (EIB) has granted PLN 2.25 billion to PGE Polska Grupa Energetyczna (PGE) to support its renewable energy projects. This funding will help PGE expand its photovoltaic network and modernize a pumped-storage power plant, in line with Poland’s energy transition goals.

This marks the seventh agreement between EIB and PGE. The loan will enable PGE to invest in photovoltaic installations with a combined capacity of nearly 730 MW and upgrade the 540 MW pumped-storage plant in southern Poland. The project, supported under REPowerEU, aims to reduce emissions and enhance Poland’s energy security and competitiveness.

EIB Vice-President Teresa Czerwińska highlighted that renewable energy is vital for energy transition and the EU’s climate goals. The EIB’s financing supports strategic energy needs across the EU, including a significant contribution to Poland’s energy infrastructure.

The renewable energy investments will also promote economic cohesion, particularly in regions with lower GDP per capita. The pumped-storage plants, such as PGE’s Porąbka-Żar, are crucial for ensuring grid stability by storing clean energy during low-demand periods.

Dariusz Marzec, President of PGE Group, emphasized that expanding renewable energy is essential for Poland’s decarbonization efforts, and the EIB’s support will accelerate the country’s green energy transition.

PGE, Poland’s largest utility, is committed to increasing its green energy share, with ongoing investments in wind, solar, and energy storage. It is also developing major offshore wind projects, including the Baltica 2 wind farm, expected to come online in 2027.