ESG Report of the
ENEA Capital Group for 2021


Necessary capital expenditures and their financing

Capital expenditures for the period 2023–2042 in all areas of our activity are estimated at more than PLN 68 billion.

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* In the structure of capital expenditures for renewable sources, about 0.03% will be designated for hydro power plants; due to rounding error, the capital expenditures for individual technologies may not add up to 100%.

It will be possible to finance the planned investments with both ENEA Group’s own funds and with capital raised by the Group companies from external sources, while preserving the safe value of the net debt/EBITDA ratio. Refundable and non-refundable public funds, both from the EU and Poland, will be a significant source of financing: 

  • Cohesion Policy, 
  • Recovery and Resilience Facility, 
  • Just Transition Fund, 
  • ReactEU,
  • funds supporting the energy system transition in Poland, such as Modernization Fund for 2021–2030 and Energy Transition Fund, 
  • other instruments (e.g. priority programs of the National Fund for Environmental Protection and Water Management and Common Agricultural Policy funds). 

Pursuant to the current draft of the European Commission’s Climate, Energy and Environmental State aid guidelines, public support of natural gas fired generation units with EU and national funds will be possible only in the short term and moreover with a considerable limitation of the scope of costs eligible for subsidy. 

The development strategy assumes that about 50% of the RES investments will be financed using the joint venture structures and 50% on ENEA Group’s balance sheet (other than offshore projects, which will be implemented entirely in the joint venture formula).

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