The European Investment Bank (EIB) has signed two separate agreements with the Polish state-owned utility Polska Grupa Energetyczna (PGE) and the Czech energy utility ČEZ to support the modernisation of the distribution networks of both countries.
In Poland, the EIB and PGE have signed a PLN2bn (€427m) financing agreement to support PGE in the development and modernisation of distribution network infrastructure and its integration with renewable energy sources. The funds will be used during the 2022-2025 period for investments in transmission lines, transformers, energy storage and modern metering. By 2030, PGE expects to add 3 GW of solar PV capacity and 2.5 GW of offshore wind capacity.
In the Czech Republic, the EIB has signed a €790m financing agreement with ČEZ, which will fund the expansion of the distribution network in Czechia to enable the integration of up to 2.2 GW of new renewable capacity. The expansion of the network includes the installation of automation technology and remotely controlled energy supply systems. ČEZ will also make upgrades to increase reliability of the electricity supply in nine regions of Czechia.
Both loans are in line with the EU’s REPowerEU plan to reduce Europe’s reliance from fossil fuels before 2030 and accelerate the energy transformation towards renewable energy. In October 2022, the EIB committed to loan and finance €30bn to accelerate Europe’s energy transition and security over the next five years.
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