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Poland promised loan to finance nuclear power plant construction

Speaking on Thursday about the financing of the plant, Minister Waldemar Buda said: "We have been promised by our Westinghouse partners that they are ready to offer us a loan of up to USD 17 billion."
Leszek Szymański/PAP

The US company selected as the technology provider for Poland’s first nuclear power plant is willing to offer a loan of up to USD 17 billion for the facility’s construction, the development and technology minister has said.

The Polish government adopted on Wednesday a resolution on building large-scale nuclear power plants (NPPs) in Poland that confirmed the choice of Westinghouse as the technological partner in the construction of the first one.

The first NPP will be built in Lubiatowo-Kopalino on the coast, and will cost USD 19-21 billion.

Speaking on Thursday about the financing of the plant, Minister Waldemar Buda said: “We have been promised by our Westinghouse partners that they are ready to offer us a loan of up to USD 17 billion.”

The minister said that this declaration put Poland in a very comfortable position but added that another system of financing should also be prepared to help Poland participate in the investment with its own funds.

“I do not think that any tax will be needed here,” Buda continued, adding that financial institutions would surely be interested in the project as it “will give them a stable profit for several dozen years.”

Under the Polish government’s energy strategy, Poland is seeking to build six nuclear power units with a total capacity from 6 to 9 gigawatts (GW). The first reactor should start working in 2033, generating some 1-1.6 GW of power. Subsequent reactors would be constructed every two years.


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