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.