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    Reference: 20230937
    Release date: 10 July 2024

    Promoter – Financial Intermediary




    Rehabilitation and modernisation of 500MW pumped storage hydropower plant located in southern Poland. Works concern a major overhaul of the electro-mechanical and control equipment as well as the renovation of the upper artificial reservoir's sealing, water conveyance tunnels and hydraulic steelworks. This is an allocation under the framework loan (FL) 2023-0621 - PGE REPOWEREU FRAMEWORK LOAN.


    The modernisation and refurbishment of a pumped storage hydropower plant supports national and European targets related to renewable energy production, and thus contributes to combatting climate change and security of energy supply objectives of the EU. The project is therefore eligible under Article 309 (c) common interest in energy (renewable energy) and also contributes to the environmental protection (tackling climate change). The project is in line with the Bank's priority objectives for energy sector lending in the EU related to renewable energy sources and climate action.


    • Energy - Electricity, gas, steam and air conditioning supply

    Proposed EIB finance (Approximate amount)

    PLN 1000 million (EUR 235 million)

    Total cost (Approximate amount)

    PLN 1391 million (EUR 326 million)

    Environmental aspects

    The projects may include components that fall under Annex II of the EIA Directive (2011/92/EU) as amended by Directive 2014/52/EU, thus required a review by the competent authorities at the planning/consent stage with due regard to the necessity for environmental and biodiversity impact and appropriate assessments. The Regional Director for Environmental Protection in Katowice, as the Competent Authority, approved the project on 12.10.2023 with the comment that no environmental impact assessment (EIA) is required. The project is expected to contribute to climate action and environmental sustainability (CA&ES) objectives.


    Contracts for implementation of the works were tendered in three lots in accordance with the applicable EU procurement legislation Directive 2014/25/EU, with publication of tender notices in the EU Official Journal, as required.


    Under appraisal


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Poland Energy