EIB grants funding to PGE Polska for RE projects

Luxembourg based-The European Investment Bank has granted PLN 2.25 billion (~ $607.5 million) to PGE Polska Grupa Energetyczna recently to support renewable energy production across Poland. Provided under the REPowerEU initiative, the funding will facilitate the development of nearly 730 MW of new photovoltaic installations and the modernization of the 540 MW Porąbka-Żar pumped-storage hydropower plant. Marking the seventh agreement between EIB and PGE, the initiative aims to advance Poland’s energy transition, strengthen regional economic cohesion, and reduce fossil fuel dependence. Investments will primarily focus on areas where GDP per capita is below the EU average, improving grid flexibility and storage capacity.