Polish fund PIR to co-finance PLN 600 mln power plant project

Polish investment fund Polish Investments for Development (PIR) will co-finance the construction of a PLN 600 mln power plant project, to be located in northern Poland, with the Municipal Enterprise of Heat Supply (MPEC), as was discussed on a Polish Private Equity and Venture Capital Association meeting Feb. 13.  

“This is the next project, and it will be the first to be implemented in cooperation with the local government in a public-private partnership, with the total cost estimated to come to about PLN 600 mln,” Mariusz Grendowicz, PIR president of the management board, said.

PIR signed an agreement with the MPEC to co-finance the project, which will be located in northern-Polish city Olsztyn.

The key importance of this project will be participation of a private partner, which will be selected during a tender to be held by MPEC.

The construction of the new plant will ensure heat supplies to Olsztyn’s citizens after 2017, when global tire manufacturer Michelin Group’s Polish subsidiary, Michelin Polska, terminates current heat supplies to the municipal network, according to PIR.