Poland approves funding for first nuclear power plant
Author: PPD Team Date: January 9, 2025
Poland has approved up to 60.2bn zlotys ($14.7bn) in funding for its first nuclear power plant, pending European Union approval, reported Bloomberg.
On 7 January 2025, the cabinet led by Donald Tusk adopted a draft bill enabling the state-owned utility PEJ to construct 3.75GW reactors along the Baltic coast.
The plant is expected to be completed by 2036, replacing ageing coal-fired plants and ensuring a stable electricity supply while advancing cleaner energy. The funding will be divided into 30% equity and 70% debt financing from the US Export-Import Bank and other institutions.
Negotiations with the EU regarding state aid for the project could take over a year, while final agreements with Westinghouse Electric and Bechtel Group are planned after these discussions. The EU has raised concerns about the state aid proposal, including equity injections and debt guarantees.