Poland's PGE eyes USD 800m for grid development, renewables

Wind turbines. Image by: PGE (www.gkpge.pl).

January 19 (Renewables Now) - Polish utility PGE Polska Grupa Energetyczna SA (WSE:PGE) intends to issue Series E shares to raise about PLN 3.2 billion (USD 801m/EUR 707m) so it could support investments in the areas of grid development, renewables and decarbonisation.

“The funding raised will be used to develop capital-intensive investment projects, including grid cabling, new photovoltaic projects, acquisitions of onshore wind farms and PV farms and low-carbon gas sources,” said CEO Wojciech Dabrowski.

PGE’s intention is to use the fresh capital to accelerate projects in the period 2022-2026.

Dabrowski pointed out that the company plans to invest some PLN 75 billion until 2030 on the path to reaching a 50% renewable energy share this decade. The ultimate goal is to achieve climate neutrality by 2050.

(PLN 10 = USD 0.250/EUR 0.220)

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