Central European energy company Orlen has committed to increasing investments in renewable energy sources as part of an updated strategy to 2030.
The group will spend more than €25bn (Pln120bn) on green projects, mainly renewables, representing about 40% of its capex plan to 2030.
It will deliver over 9GW of installed renewable energy capacity (onshore and offshore wind, solar PV) by 2030, a four-fold increase on a previous target.
The group said it wants to develop onshore and offshore renewable
By decarbonising assets and reducing the use of fossil fuels the Orlen Group stated that it will be able to further enhance energy security throughout Central Europe.
Its plans include investing in offshore (mainly in the Baltic and North Sea) and onshore wind power projects, solar photovoltaics, energy storage facilities and hydroelectric power generation.
PKN Orlens CEO and President of the Management Board Daniel Obajtek said: ‘The energy crisis, which began even before the war in Ukraine, has demonstrated there is no turning back from the energy transition. Orlen has long recognised that.
“This ambitious yet realistic plan is paying off today. We have built a leading energy company in CE, generating today over €20bn in quarterly revenue, capable of spending roughly €9bn on investments annually.”