PGE stock secures PLN 3.89 billion Rybnik loan

PGE Polska Grupa Energetyczna has arranged financing for its gas-and-steam power project in Rybnik, adding a specific funding milestone to the Polish utility's capital-intensive transition. According to PAP, as published by nettg.pl, PGE signed the agreement on Thursday, November 5, 2026.

The agreement covers a term loan of 3,886 million Polish zloty arranged by PKO BP, BGK, Erste Bank Polska and Bank Pekao. The financing is guaranteed by Poland's export credit insurer KUKE and is intended to finance or refinance investment spending tied to construction of the combined-cycle gas turbine block.

Rybnik project reaches late construction stage

The Rybnik unit has an electrical capacity of 882 megawatts. PGE said final installation and construction work is under way, while individual systems are being transferred progressively for commissioning. Preparation is also advancing for chemical cleaning of boiler systems and steam pipelines.

The current schedule calls for the gas turbine to be fired for the first time and the unit to be synchronized with Poland's national power system around the turn of 2026 and 2027. That timetable gives investors a concrete execution milestone for a project intended to support the company's shift toward lower-carbon and more flexible generation.

Gas capacity anchors the investment plan

Chief Executive Dariusz Lubera described gas generation as a key pillar of PGE's updated strategy. The company is developing or preparing gas projects with combined capacity above 5 gigawatts and aims to lift its gas capacity to about 8 gigawatts by 2035. Including gas units in district heating, the planned total reaches 9.6 gigawatts.

The Rybnik project therefore links near-term construction execution with PGE's longer-term generation plan. For investors, the financing secures a major funding package but also highlights the scale of capital commitments required to build replacement and lower-carbon capacity. Progress toward commissioning, construction costs and the effect of additional borrowing will remain important considerations alongside the company's broader renewable, grid and nuclear ambitions.

PGE stock traded at 3.62 euros on Lang & Schwarz at 12:18 CET on Friday, November 6, 2026.

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