Tauron is working on refinancing and obtaining new bank financing
Tauron Polska Energia is working on partial refinancing of loans worth approx. PLN 6 billion, which are due in December this year, and obtaining new bank financing, according to Krzysztof Surma, vice president for finance.
"We are starting work on obtaining new financing. In December this year, a significant loan program is being signed, with a base value of nearly PLN 6 billion. We would like to partially refinance it and partially raise funds for new investments within the anticipated financial gap," said Surma.
The group will seek financing on the domestic banking market. According to the vice president, the domestic market is currently not ready to accept further bond issues worth billions of zlotys.
"If there is an opportunity and favorable financial conditions, we do not rule out a bond issue, but we certainly do not plan it this year," he added.
Tauron's situation in relations with financial institutions is special due to the fact that the company is preparing to spin off its coal-based generation assets to the National Energy Security Agency and to dispose of the upstream segment.
"We convince financial institutions, we discuss this process. There are banks that have a restrictive policy and as long as the assets are not separated - they will not be able to provide financing, while the majority of banks support this process. We are working on their financing during the transition period," said Surm.
He stressed that providing financing to energy companies in the transition period is a necessary element to carry out the transformation.