Necessary capital expenditure and its funding
We build Poland’s energy security and support effective transition of the entire energy sector. So far, our Group since 2015 has invested nearly PLN 23 billion for important investments supporting the development of the Polish energy sector. In the years 2024-2042, we plan to allocate further billions of zlotys for this purpose.
We intend to finance the project with own funds and funds raised by the Group’s companies, with net debt to EBITDA ratio at a safe level.
According to our Development Strategy, half of the investment funds to finance RESwill come from joint-ventures and the other half from the Enea Group’s balance sheet. Offshore projects are excluded from this division. In this case all investments will be funded in a joint-venture.
In December 2023, Enea SA signed a PLN 1 billion investment loan agreement with the European Investment Bank (EIB). The amount will be fully allocated to investment in the distribution area, supporting ENEA Green Change, in line with the Group Development Strategy. EIB co-financed projects to develop and modernise the distribution network will be carried out between 2023 and 2025 in the north-western parts of Poland. They will include: modernisation and construction of nearly eight-thousand-kilometre medium- and low-voltage power grids; connecting 140 thousand new Customers to the grid; increasing the rated capacity of transformers by 633 MVA; connecting 4.3 GW of new RES generation capacity; and installing 2,400 thousand smart meters.