Nearly PLN 6.5 billion in syndicated loan for Enea for the constrution of combined cycle gas turbine units in Kozienice

Enea Elkogaz, an Enea Group company, has finalized the largest project finance transaction in the history of the conventional power generation sector in Poland. The investment includes the construction of two moder CCGT combined cycle gas turbines in the Kozienice Power Plant with a total capacity of 1336 MWe A consortium of Polish banks, led by Bank Gospodarstwa Krajowego (BGK), has provided the funding in the amount of PLN 6.45 billion. The financing consortium also includes PKO Bank Polski and Bank Pekao S.A. and KUKE has extended a guarantee for the loan.

Enea Elkogaz has concluded a loan agreement with a consortium of banks including: Bank Gospodarstwa Krajowego, Powszechna Kasa Oszczędności Bank Polski S.A. and Bank Polska Kasa Opieki S.A., under which the Enea Group company will obtain financing of approximately PLN 6.45 billion in the project finance formula. Enea Elkogaz will also be able to use VAT and revolving credit facilities in a total amount of PLN 500 million. This is the largest transaction of its kind in the history of Polish conventional power generation sector (only offshore projects are larger). The funds will be allocated to the construction of two modern gas-steam power units at the Kozienice Power Plant. They will operate in combined cycle (CCGT) mode and have a gross nominal electric power capacity of 668 MWe each. The planned commissioning dates of the units are 31 March and 30 June 2029, respectively. The project has also obtained support from the capacity market for 17 years starting from 2029. The units will perform a balancing role in the system for RES sources, ensure a reduction in CO₂ emissions and help fill the capacity gap in the power system from 2029.

“Securing nearly PLN 6.5 billion in project finance shows that the Enea Group is a credible partner and that the banking sector trusts our strategy. We are consistently implementing our investment plan, which provides for capital expenditures of PLN 107.5 billion by 2035, while at the same time protecting our financial stability and optimizing costs The new generating units will play a key role in transforming Poland’s energy sector, ensuring a secure energy supply and providing the flexibility the system needs to support the growth of renewable energy sources,” said Marek Lelątko, Enea’s Vice-President for Financial Matters.

“The construction of two CCGT units at the Kozienice Power Plant is a key project for strengthening the security of the national power system. These units will give us the flexibility we need to integrate a growing share of renewables, help lower CO₂ emissions and fill the capacity gap after 2029. This project is also fully in line with the Enea Group’s long‑term development strategy through 2035,” said Zbigniew Miazek, President of Enea Elkogaz.

The of the project is based on an investment loan of approximately PLN 6.45 billion, including a PLN 4.5 billion tranche covered by a KUKE guarantee under the programme supporting investments with a material impact on climate change mitigation. This is the first time this guarantee is used in a financing structure arranged by BGK.

It is also the largest syndicate in the Bank’s history in which the Polish development bank acts as facility agent. BGK’s share in the financing is PLN 3.1 billion, and the Bank is additionally providing a VAT facility and a revolving facility in the total amount of approximately PLN 250 million, which makes it the largest financing party in this project.

“Bank Gospodarstwa Krajowego consistently supports investments that strengthen Poland’s energy security, which is in line with the bank’s 2025-2030 strategy. Financing modern infrastructure is also a key part of our mission – we help create the conditions for the development of modern energy solutions that will ensure stable energy supply and improve the competitiveness of the Polish economy,” said Mirosław Czekaj, President of Bank Gospodarstwa Krajowego.

“Ensuring a safe energy transition means diversifying our energy sources and using conventional units as stabilisers for the power system. At BGK, we value initiatives that build the resilience of the energy sector, which is one of the pillars of the Polish economy,” said Prof. Marta Postuła, First Vice-President of BGK.

PKO Bank Polski has the second-largest share in the syndicate, providing PLN 2.5 billion in financing, including PLN 2.25 billion in the form of an investment loan and PLN 250 million as a VAT and revolving facility.

“Our participation in the syndicate loan for the construction of the CCGT units at the Kozienice Power Plant confirms PKO Bank Polski’s commitment to financing projects that are key to Poland’s energy transition. Investments in modern, low-emission generation sources strengthen the country’s energy security and ensure system stability during the transition period. As the largest bank in Poland, we engage in projects that combine climate goals with economic growth and secure energy supplies,” emphasized Ludmiła Falak-Cyniak, Vice‐President of the PKO Bank Polski Management Board overseeing the Corporate and Investment Banking Area.

Bank Pekao also takes part in the financing, with a contribution of PLN 1.1 billion.

“Bank Pekao has been supporting the energy transition of the Polish economy for many years and, as part of this, has been financing projects of key importance for Poland in this area implemented by the Enea Group, one of the largest electricity producers in the country. I am pleased that the funds from our loan will be used for such an important upgrade at the Kozienice Power Plant, which is critically important to the national power system,” said Cezary Stypułkowski, President of Bank Pekao.

The loan is covered by a guarantee from the Export Credit Insurance Corporation (KUKE).

“This is another major climate transition project that we are supporting, but the first one that involves the use of natural gas. Gas is a low‑emission fuel that also helps to mitigate climate change by displacing coal in our energy mix. In our situation it is crucial for strengthening the security and resilience of our economy and for lowering electricity prices for businesses and households. Together with domestic banks, we will continue to provide financing for advanced, efficient projects such as the one planned by the Enea Group in Kozienice,” said Janusz Władyczak, President of the Export Credit insurance Corporation (KUKE).