PGE stock secures PLN 3.886 billion for Rybnik unit

PGE Polska Grupa Energetyczna signed a PLN 3.886 billion term loan on Thursday, November 5, to finance or refinance investment spending for an 882 MW combined-cycle gas turbine unit in Rybnik, southern Poland. The financing gives the utility a defined funding milestone as construction moves toward commissioning.

Polish Press Agency reported that the lending consortium consists of PKO Bank Polski, Bank Gospodarstwa Krajowego, Erste Bank Polska and Bank Pekao. The loan has six-month interest periods priced at WIBOR plus a margin, a one-year drawdown period and a maturity date of November 5, 2041.

Construction enters the commissioning phase

PGE said the Rybnik project is in an advanced stage. Final installation and construction work is under way, individual systems are being transferred progressively for commissioning, and preparations are advancing for chemical cleaning of boiler systems and steam pipelines.

The current schedule calls for the gas turbine to fire for the first time and the unit to synchronize with Poland's national power system around the turn of 2026 and 2027. Once operational, the plant will add flexible gas-fired generation to PGE's portfolio and create a near-term execution milestone for the company's lower-carbon transition.

White & Case, which advised PGE on the transaction, said the loan is covered by a guarantee from Poland's export credit agency. That structure supports financing for the project but does not remove the execution risk associated with completing a large power plant on schedule.

Debt terms add a financing constraint

The agreement includes leverage conditions. PGE must keep consolidated net debt to consolidated EBITDA at or below 4:1 while holding an investment-grade rating. Without such a rating, the ceiling falls to 3.5:1. For investors, the terms make the Rybnik timetable and the group's balance-sheet discipline relevant alongside the plant's future generation capacity.

PGE stock traded at 3.59 euros on Lang & Schwarz at 12:36 CET on Monday, November 9, 2026. Investors can follow the real-time quote of PGE stock.

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