Poland to receive $4 bln nuclear energy fund

Polish energy company Orlen has signed an agreement on Monday to develop nuclear power reactors in Poland to generate renewable energy.

According to the International Energy Association (IEA), coal dominates the power sector of Poland. Coal sector supplies about 70 percent of the country’s energy and provides around 80,000 jobs.

The country is known for having the worst energy mix in the European Union. Owner of Synthos Green Energy, Orlen’s partner in the project, Michal Solowow referred to how the situation in Poland can be reversed.

“From the condition it is in today… Poland can turn within the next 20 years into a leader,” Solowow stated.

The project is supported by U.S. Export-Import Bank and U.S. International Development Finance Corporation, collectively offering up to $4 billion loan. Orlen CEO Daniel Obajtek referred to the U.S. support signalling “the credibility of the process of developing nuclear energy.”

The Polish government has also signed a deal with U.S. Westinghouse Electric Company in February. The deal involves designing cooperation for establishing Poland’s first large nuclear power plant.

Poland’s energy transition towards clean energy has been accelerated due to Russia-Ukraine war. The reliance on nuclear energy, however, was faced by scepticism since it followed Germany shutting down its last three nuclear power plants.