Polskie Elektrownie Jądrowe (PEJ) has already obtained letters of support for more than 70% of the assumed amount of debt financing. 11 export credit agencies from Europe, North America and Asia have expressed intention and readiness to engage their resources in the project to build Poland’s first nuclear power plant. PEJ intends to raise the remaining 30% or so of the total debt financing on the commercial market, including the domestic market, which the company plans to enter in the second half of the year.
Currently, a preliminary due diligence process, i.e., a comprehensive analysis of the project, including its technical and legal aspects, is underway in the company, carried out by export credit agency experts. As the next step, Polskie Elektrownie Jądrowe, in cooperation with its financial advisor – a consortium of the BNP Paribas France and KPMG Advisory – plan to enter the commercial market. Obtaining information from commercial banks will enable PEJ to give final shape to the financing structure for the project to build Poland’s first nuclear power plant.
The participation of European and global export credit agencies in the financing structure of our project is very important, as they both attract the remaining financing and can offer volumes clearly above those we usually see in the commercial market, with preferential and at the same time predetermined financing conditions.
The financing structure of the nuclear power plant in Lubiatowo-Kopalino is based 70% on debt financing, with a significant share of export credit agencies, and 30% on equity, fully guaranteed by the State Treasury. In December last year, the European Commission (EC) initiated an extended procedure to approve state aid for the project – this is a standard procedure for such large projects, in which the EC assesses the compatibility of the aid with the internal market and the impact of the investment project on the energy market in the European Union. Once the EC approves of the state aid, Polskie Elektrownie Jądrowe will be able to obtain the capital injection to implement the subsequent stages of the project.
