PGE plans investments worth PLN 74 billion to be included in the National Recovery Plan
For the National Recovery Plan, PGE has prepared 24 projects worth PLN 74 billion, 80 percent of which is to be invested in renewable energy sources. On 26 February the government presented a draft of the National Recovery Plan and forwarded it for public consultations. The draft document includes a number of investment initiatives aimed at supporting the recovery of Polish economy after the pandemic.
The PGE Group has expressed its interest in obtaining financing from the National Recovery Plan for 24 projects with a total value of approximately PLN 74 billion. Among the proposed investments there are two large-scale offshore wind farm projects – Baltica 2 and Baltica 3 – with a combined value of PLN 35 billion. We hope to receive support for these projects, thanks to which it will be possible to reduce the costs of energy transformation in Poland. The development of offshore wind farms constitutes an impulse for the development of the Polish economy and an opportunity for domestic enterprises to participate in one of the most important infrastructural projects in the country, commented Wojciech Dąbrowski, President of the Management Board of PGE Polska Grupa Energetyczna.
The remaining 22 projects worth PLN 39 billion that PGE wants to finance within the framework of the National Recovery Programme are investments related to heat generation (including the replacement of coal with low-emission gaseous fuel), electricity generation (including from renewable energy sources) and modern distribution infrastructure. In view of the fact that the work on the final version of the Programme has not been completed and the details concerning the forms and amounts of available support are not yet known, it is not possible at this stage to estimate the final amount of co-financing that PGE will apply for.
The prerequisite for obtaining access to funds within the EU Recovery and Resilience Facility is the preparation of a National Recovery Plan by a Member State. Such a plan has to outline reforms and investments, as well as actions necessary for their implementation. The document should also indicate objectives and milestones to be achieved within the scope of planned reforms and investments. The National Recovery Plan should be submitted to the European Commission as a single integrated document by 30 April 2021.
