NIB signs EUR 120m loan with Polish electricity company

NIB has signed a loan agreement of EUR 120 million with the Polish electricity company BOT Elektrownia Belchatów S.A.

The loan will be used for the financing of a new 833 MW power unit as well as the modernisation of existing units to improve power efficiency and reduce emissions of SO2 and NOX. The investments enable the power plants to comply with Polish and European environmental requirements. The total cost of the investment is EUR 1.6 billion.

The loan is one of NIB’s largest, and the second long-term loan to the electricity company. In the late 1990s, NIB was the main long-term financier of the modernisation of BOT Electrownia Turów, with a loan amounting to USD 150 million.

BOT Elektrownia Belchatów S.A. is the largest electricity generator in Poland and generates 20% of the Polish electricity.