Friday, May 24, 2024

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Dominika Kulczyk firm to raise 3.4 billion zl for green investments

A company owned by Dominika Kulczyk plans to raise up to 3.4 billion zlotys for green investments from the market, with most of the money going to offshore wind farms.

The extraordinary general meeting of Polenergia shareholders approved the resolution to increase the authorized capital of the company. This means a green light for the issuance of new shares by 2027. The company wants to raise up to PLN 3.4 billion in this way.

The shareholders’ decision opens up the opportunity for the group to enter a completely different league. „Polenergia is stronger than ever before and has record financial results. We are growing at an unprecedented pace, consistently implementing our mission – restoring harmony between man and nature,” said Dominika Kulczyk, the main shareholder and chairwoman of the supervisory board of Polenergia, quoted in the company’s announcement.

The second source will be debt financing through a consortium of banks created by the company. This is one of the tasks facing the recently completed Polenergia management board. “The construction of wind farms in the Baltic Sea will open a new chapter in the history of the Polish energy industry,” said Jerzy Zań, the new president of Polenergia. The remaining funds will go to the development of onshore wind and photovoltaic farms (up to 10% of emission value) and to hydrogen and electromobility projects (up to 5%).

Polenergia, in cooperation with Norwegian Equinor, is developing three wind farms in the Baltic Sea with a total capacity of up to 3,000 MW. The Bałtyk I, II and III projects will power over 4 million households with green energy. The first energy from the two most advanced projects, Baltic II and Baltic III, will flow in 2027. The commercial stage of their use is planned from 2028.

Jo Harper
Jo Harper
Jo Harper is a British national with a 20-year freelance journalistic career in Poland, Germany and the UK, writing for Deutsche Welle, Politico, the BBC, the Daily Mirror, Gazeta Wyborcza, Polityka, New Eastern Europe and Forbes. He is a published author of books on Polish affairs and holds a PhD from the London School of Economics.