- The EIB has underscored its commitment to the REPowerEU objectives in Poland by signing an agreement with electricity grid operator ENEA S.A.
- This substantial investment of PLN 1 billion will facilitate modernisation and renovation of ENEA's power distribution network.
The European Investment Bank (EIB) has signed an agreement to finance the renovation and modernisation of the electricity distribution network of ENEA S.A. in western Poland. This investment of PLN 1 billion is expected to boost the reliability and security of the electricity supply in Poland, facilitate the integration of renewable energy sources, and address the growing demand stemming from population growth and the progressive electrification of the economy. The direct beneficiary of the financing will be ENEA Operator Sp. z o.o., a company in the ENEA S.A. Group responsible for operating the distribution network.
EIB Vice-President Teresa Czerwińska said: “Supporting the REPowerEU objective of reducing dependence on energy imports is of the utmost importance, and we are happy to strengthen the EIB’s partnership with ENEA by way of this agreement. This investment will not only accelerate the transformation and decarbonisation of the Polish energy sector but will also contribute to the creation of new jobs and strengthen economic development.”
The project encompasses a large number of mostly medium and low-voltage electricity distribution schemes, including new or refurbished overhead lines and underground cables, the connection of new customers and connection of renewable energy sources, as well as the installation of smart meters. All the investments will take place in EIB cohesion priority regions in western Poland and are distributed within four Voivodships, namely Wielkopolskie, Zachodniopomorskie, Lubuskie and Kujawsko-Pomorskie.
In 2022, the EIB Group committed €20.86 billion to support sustainable energy globally. In Poland, this financing reached €996 million and the EIB earmarked a total of €3.25 billion between 2018 and 2022 to assist the transformation of Poland’s energy sector.
Background information
The EIB Group is the EU’s long-term financing institution, owned by its Member States. It comprises the European Investment Bank (EIB) and the European Investment Fund (EIF). The Bank finances sound investments that contribute to EU policy goals, including social and territorial cohesion, and the just transition to climate neutrality.
The EIB was the first multilateral development bank to end support for fossil fuels and has committed to supporting €1 trillion in climate investment this decade. Over half of the EIB Group’s lending in 2022 was devoted to climate and environmental sustainability projects, while almost half of the EIB’s financing inside the European Union was signed for projects in cohesion regions where per capita income is lower, highlighting the Bank’s commitment to equitable growth.
EIB and energy security
Over the past decade, the EIB Group has channelled more than €100 billion into the EU energy sector. These timely investments are now helping Europe weather the crisis triggered by the abrupt cut in Russian gas supplies. In 2022, the EIB signed financial support totalling more than €17 billion for projects in energy efficiency, renewables, electricity and storage inside the European Union, thus helping strengthen the resilience of the European economy.
In July 2023, the EIB’s Board of Directors decided to raise the Group’s clean energy financing volumes to unprecedented levels in support of the REPowerEU objective of phasing out Europe’s dependency on Russian fossil-fuel imports by fast forwarding the clean transition. An additional €45 billion will be invested over the next five years, on top of the EIB’s already robust support for the energy sector in the European Union. It is estimated that the dedicated REPowerEU package will mobilise €150 billion in additional investment by 2027, thus making a substantial contribution to Europe’s energy independence and the EIB Group’s target to mobilise €1 trillion this decade in climate financing.