Electrabel promises billions of investments in Poland

Warsaw (Puls Biznesu) – The Belgian company says it will invest up to EUR 2.5 billion in greenfield projects. Surprisingly, present government helped make this decision.

Investors are refused the access to the majority of energy assets in Poland since the present Law and Justice (PiS) government gave up privatization. The paradox is that the economy may win a lot. More and more foreign companies want to build their plants by their own in the country.

Electrabel of Belgium told “PB” that it is going to spend EUR 2.5 billion in the upcoming years, and this is not the only foreign investor with huge plans in Poland.

“We want to build a coal and biomass power plant in northern Poland. The demand is the biggest there. We take into account other locations as well”, Grzegorz Gorski, Electrabel Polska CEO said.

The first big project will be implemented in Gdansk. The land owned by Siarkopol (a company controlled by PERN pipeline operator) is the possible site. However, Gdansk authorities are not happy to have a power plant there. Next to Electrabel, French EDF and Swedish Vattenfall want to build one there. Today, a meeting will take place among potential investors and Gdansk president. The latter will offer an alternative site.

“We would like to build a 800MW block in the first stage. We have already bought the machine, which is a big advantage because you have to wait several years for your orders to be completed nowadays that the market booms. Our plant may be ready in 2012 provided that we get all permissions till the end of next year. We estimate the costs at EUR 1 billion. In the second stage, another block worth EUR 1 billion would be added”, Electrabel head promised.

Source: pulsbiznesu.pl