PEJ selects a financial advisor
On 16th of December, Polskie Elektrownie Jądrowe (PEJ) has selected a consortium of BNP Paribas France and KPMG Advisory as an advisor to support the Company in securing debt financing for Poland’s first nuclear power plant. Funding for the country’s key energy investment project has been also provided by the Polish Government, which plans to allocate over PLN 60 billion by 2030.
The consortium of BNP Paribas and KPMG Advisory will support PEJ in the process of organizing, structuring and securing financing for the planned nuclear power plant in Pomerania. The main task facing PEJ’s new partner will be to secure financing for the entire nuclear power plant project, 70% of which, according to current estimates, will rely on external sources. The consortium will carry out its activities in both — local and international markets.
'The role of these entities is to provide our investment project with a financing structure that optimizes the share of equity and debt financing. This is one of the most crucial tasks ahead of us in the coming years, so the process of selecting the right partner was conducted with due diligence over several months. We are positive that the selected consortium will ensure high-quality cooperation and will support the Company in successfully raising funds on the financial markets,' emphasized Leszek Juchniewicz, the CEO of PEJ.
One of the key tasks of the advisor will be to ensure that the nuclear project and its individual components comply with the requirements of financial institutions.
The Company selected BNP Paribas Bank and KPMG Advisory following a several-months-long procurement process involving renowned international entities specializing in securing financing for strategic energy projects, including in the nuclear power sector. Each of the entities taking part in PEJ’s procurement process showed great commitment and a professional approach at every stage of the procurement process.
The winning consortium is made up of well-established companies with extensive experience in securing financing for infrastructure projects, knowledgeable about the operations of export credit agencies, including the U.S. EXIM Bank, which, by virtue of its mission to support the export of goods and services will play a key role in the process of financing Poland’s first nuclear power plant.
’BNP Paribas is delighted to be appointed to advise PEJ on the financing of the first Polish nuclear power plant. BNP Paribas will bring its extensive experience of the nuclear sector and its leading position in key financing markets to support PEJ in its vital task of supporting energy security in Poland,’ said Severine Mateo, Head of the Low Carbon Transition Group.
The Consortium’s scope of work also includes a range of activities to support and facilitate the entire financing process. This cooperation will result, among other things, in further strengthening of direct cooperation between the Polish investor and the world’s largest financial institutions in order to build the largest possible portfolio of debt financing providers and optimize the cost of project financing.
‘We are proud that as KPMG we have the privilege of participating in the process of securing financing for Poland’s first nuclear power plant. This is an undertaking of enormous scale and importance to the country's economy and energy security, but at the same time is facing many challenges. KPMG’s team of experts has been actively supporting the transition of the energy sector in Poland for many years. I am convinced that our expertise, experience and determination will allow us to effectively support the construction of the first nuclear power plant in our country,’ says Alina Wołoszyn, Partner, Head of Advisory Department at KPMG in Poland and Head of Deal Advisory in Central and Eastern Europe.