EIB Backs Polish Energy Transition with $220 Million Loan to Orlen [Yahoo! Finance]
OMV AG BEARER SHS S/ADR (OMVKY)
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Source: Yahoo! Finance
from the European Investment Bank (EIB) for energy transition projects. The loan is the first financial injection following EIB's approval of PLN 3.5 billion ($854.6 million) in financing to boost the network of Orlen's Energa in 2024 and 2025. According to a media statement by the EIB, the funds will be used to invest in strengthening and expanding the power grid of Energa, a distribution system operator owned by Orlen. The plan is to modernize electricity distribution in northern and central Poland, allowing the connection of more renewable energy sources (RES). Energa's plan, supported by EU funding, entails adding new customers and increasing RES connection capacity by 4.8 gigawatts. The distribution system operator aims to improve the security and efficiency of power supply. “This new transaction reaffirms the EIB's role as a trusted partner of multidimensional energy transition in Poland”, said EIB Vice-President Teresa Czerwinska. “As the climate bank of the European Union,
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