Poland's PGNiG plans USD-1bn investment in new renewables division
Polish state-run oil and gas major Polskie Gornictwo Naftowe i Gazownictwo SA (WSE:PGN), better known as PGNiG, plans to spend as much as PLN 4 billion (USD 1bn/EUR 894m) on the creation of a dedicated renewable energy division.
The move is planned as part of an updated strategy for the entire group that should be presented by the end of 2020. PGNiG hopes to invest the above-mentioned sum over the next few years, beyond 2022, to achieve a renewable energy production capacity of up to 900 MW.
According to Arkadiusz Sekscinski, Vice President of the PGNiG Management Board, Development, the group is mostly keen on investing in wind power and solar photovoltaic (PV) projects.
PGNiG pointed out that the first decisions regarding renewable energy investments could be made even before the release of the updated group strategy.
June 15, 2020