Poland's Enea plans USD-3.4bn spend on renewables by 2042

Polish energy group Enea SA (WSE:ENA) on Wednesday released an updated development strategy under which it plans to invest PLN 14 billion (USD 3.4bn/EUR 3bn) between 2023 and 2042 on a range of projects in offshore and onshore wind, solar PV as well as energy storage.

Enea targets an increase of 1.5 GW in installed capacity from renewable energy sources by 2030, potentially adding another 2 GW to that by 2040.

The Polish energy company will build up installed capacity through acquisitions, the development of its own projects and by partnering with other businesses. Output from the renewable energy sources will be supported by conventional, low-emission sources such as gas or biomass.

Laying out a long-term goal to be net zero by 2050, Enea added it will specialise in energy storage, as a key technology to ensure the stability of renewable energy sources and to build energy security.

The expenditure on renewable energy sources is part of a total investment budget of PLN 68 billion over the next two decades.

Enea currently has 6.3 GW of total installed power generation capacity, of which 443 MW comes from renewable energy sources, including three onshore wind farms.

(PLN 1 = USD 0.243/EUR 0.216)

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