PKN Orlen to invest EUR 15bn in renewable resource by 2030

• Polish oil as well as gas major PKN Orlen (WSE: PKN) has allocated PLN 70 billion (USD 15.8 bn/EUR 14.8 bn) for developing renewable resource sources under its upgraded method for the 2023-2030 period, the company claimed on Tuesday.

The group is accelerating its prepare for carbon nonpartisanship by 2050 by designating to green projects 40% of the PLN 320 billion of the envisaged expenditure. It consists of boosting financial investments in solar as well as wind, increasing biogas and biofuel production and also creating green hydrogen capacity.

"The energy crisis, which started even before the war in Ukraine, has demonstrated there is no reversing from the energy shift," CEO Daniel Obajtek said, adding that it is not only an issue of climate protection however additionally of improving power security by reducing dependence on raw materials from Russia.

Orlen's renewable power generation capacity is expected to raise four times, to 9 GW by 2030, on the back of overseas wind projects in the Baltic and the North Sea, onshore wind as well as photovoltaics farms, energy storage centers as well as hydroelectric power generation both in Poland as well as abroad.

The team intends to come to be a local leader in biogas, biofuel and hydrogen production. By 2030, it prepares to operate plants creating yearly 1 billion cubic metres of biogas and also 3 million tonnes of biofuel.

The overall capacity of its future hydrogen electrolysers is seen at 1 GW at the end of the decade, which, integrated with waste-to-hydrogen projects will certainly supply 130 kilotonnes of renewable hydrogen.

The business will certainly use different sources of funding, including green and lasting money along with alternative options. The team, creating over EUR 20 billion (USD 21.2 bn) in quarterly revenue, is capable of spending some EUR 9 billion on financial investments yearly, the chief executive officer noted.