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TAURON secures €172 million loan for clean energy and distribution network projects

Polish power company TAURON announced that it has entered into a credit agreement for 750 million zlotys (172 million euros) with Bank Gospodarstwa Krajowego.

The funds will be used to finance or refinance expenditures in investments in renewables and the development of distribution networks, the power company said in a press release.

The new financing will be available for use by TAURON over the next two years, with repayment scheduled for the period 2027-2032, according to the company’s Vice President for Financial Affairs Krzysztof Surma.

“External financing is essential for the energy transformation to occur as quickly as possible, as investments in the energy sector require significant capital, and the return on these investments is spread over a longer period of time. It is particularly gratifying that Bank Gospodarstwa Krajowego consistently supports the realisation of the strategic goals of the TAURON Group,” Mr Surma added. 

TAURON is currently building 3 photovoltaic farms with a total capacity of 200 megawatts (MW) and five wind farms with a capacity of over 160 MW. In the distribution sector, ongoing investments include the modernisation and expansion of the power distribution network.

“The key business area of the TAURON Group is the distribution sector, which has generated significantly over 60 per cent of our organisation’s EBITDA in recent years. Therefore, along with the renewable energy sector, it is currently our most important investment direction. Without the reconstruction of the network, regardless of how much energy we produce from renewable sources, the power system will not operate efficiently,” said Mr Surma.

In 2023, TAURON’s investment budget in the distribution sector reached 2.4 billion zlotys (549.9 million euros), with a planned increase to around 3 billion zlotys (687.5 million euros) this year.

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