The EIB’s funds will be released in tranches over three years from the project’s execution date. Credit: urbans via Shutterstock.

Orlen Group has secured a 3.5bn zlotys ($866.6m) loan from the European Investment Bank (EIB) for a strategic investment programme aimed at modernising and strengthening Poland’s electricity distribution network.

The funds will be released in tranches over three years from the execution date, with a repayment period extending up to 15 years from the first disbursement.

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The initial financing agreement is valued at 900m zlotys.

Energa Operator, an energy distribution system operator and part of ORLEN Group, will implement the investment programme.

The company provides power to more than 3.4 million domestic customers and manages nearly 200,000km of power lines, covering approximately 24% of the country’s land area.

Renewable energy sources connected to Energa Operator’s network have reached a total capacity of nearly 9.2GW.

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ORLEN management board CEO and president Ireneusz Fąfara said: “Achieving carbon neutrality requires not only a shift in generation sources but also significant improvements in operational efficiency. The rollout of distributed generation, demand-supply balancing, and energy storage represent crucial challenges for Poland’s economy.

“Effective energy management can provide a substantial competitive edge for both the Polish and broader European economies. Hence, large-scale investment programmes to upgrade our network are vital. The financing provided by the European Investment Bank will allow us to address these priorities while strengthening Poland’s energy security.”

This initiative will enhance the security and efficiency of power supplies in northern and central Poland.

The preferential terms offered by the EIB are expected to expedite the project’s progress compared to conventional commercial bank financing.

Last month, ORLEN Group added more than 300MW of renewable capacity with solar and wind acquisitions.