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.