Bank Pekao S.A. is financing a 563 MW CCGT power plant in Turku, Poland, with an investment of PLN 2.2 billion, aimed at enhancing energy security and supporting the country's transition to renewable energy.

Information on the Target

Bank Pekao S.A. is actively participating in a consortium financing project for the construction of a 563 MW combined cycle gas-turbine (CCGT) power plant in Turku, Poland, implemented by the ZE PAK Group. The total financing amount is PLN 2.2 billion, which includes a VAT credit of up to PLN 100 million and working capital financing. As the credit agent and security agent, Pekao plays a crucial role in this project. The new CCGT plant is expected to provide a stable and flexible energy source, thereby enhancing the reliability of the national power system and integrating renewable energy sources (RES). The construction of this facility will be based on the site of the former Adamów coal-fired power plant, with a completion date planned for the third quarter of 2027.

Industry Overview in Poland

The energy sector in Poland is undergoing a significant transformation as the country shifts away from coal dependence towards more sustainable energy sources. The Polish government has set ambitious targets for reducing carbon emissions, which has increased the emphasis on the development of renewable energy projects. As part of this transition, investments in gas-fired power plants like the one in Turku are crucial, as they provide backup power and stability to the grid, facilitating the integration of variable renewable energy sources.

Poland's electricity generation landscape is characterized by a significant share of coal-fired plants, which have been dominant for decades. However, the EU's climate policies and market dynamics are compelling energy producers to diver