1. Home
  2. Business
  3. &
  4. Finance
  5. Poland: PKN Orlen receives EIB €180m loan to support its decarbonization plans – EQ Mag Pro
Poland: PKN Orlen receives EIB €180m loan to support its decarbonization plans – EQ Mag Pro

Poland: PKN Orlen receives EIB €180m loan to support its decarbonization plans – EQ Mag Pro

0
0

  • Research and development center to scale up activities around renewable chemicals and biofuel technologies

  • All financed projects to help PKN Orlen on its path to energy transformation and emissions reduction

The European Investment Bank (EIB) and the Polish oil refining, energy and petrochemical company PKN Orlen signed today in Warsaw a €180 million loan agreement that will help finance the company’s new activities in bio-refinery and bio-chemical production, including in research and development (R&D).

The loan will help finance three projects. Two of them relate to the development of renewable sources of energy, while the third one is about scaling up research and development (R&D). The recently opened R&D Centre in Plock, in Central Poland, regroups all activities in the development of renewable chemical and biofuels technologies.

The centre will develop new technological solutions to support the company’s long-term decarbonisation plan Orlen2030, aiming at reaching net zero emissions by 2050. It will also help it to build the company’s lasting competitiveness.

EIB Vice-President Teresa Czerwińska said: “Energy transformation is one of the biggest challenge facing Poland today and energy groups can make a difference in this transition. The European Investment Bank is therefore glad to support PKN Orlen in its shift from fossil fuels to renewable solutions and to help the company in its decarbonisation strategy. I am also pleased that the EU bank can finance the company’s research and development centre: investing in skills and technologies will help PKN Orlen to strengthen long-term sustainability, expertise and competitiveness”.

The European Investment Bank (EIB) finances projects in four priority areas – infrastructure, innovation, climate and environment, small and midi-sized companies (SMEs). In 2020, the EIB Group provided €5.2 billion in financing to projects in Poland.

Anand Gupta Editor - EQ Int'l Media Network