CMS Advises Enea Elkogaz on Financing for Two CCGT Units in Kozienice

CMS advised Enea Elkogaz sp. z o.o. and the ENEA Group on the project financing for the construction of two high-efficiency combined cycle gas turbine (CCGT) units in Kozienice; the lenders comprise a consortium of Bank Gospodarstwa Krajowego, Powszechna Kasa Oszczędności Bank Polski S.A. and Bank Polska Kasa Opieki S.A. On 15 December 2025, Enea Elkogaz concluded a facility agreement with the consortium for the Kozienice CCGT project. The total amount of the senior financing is approximately PLN 6.45 billion, structured as a term facility of about PLN 1.95 billion, an export credit agency guaranteed facility of PLN 4.5 billion, a VAT line of PLN 400 million and a working capital line of PLN 100 million. The financing is denominated in PLN, bears a variable interest rate and includes covenants, collateral, conditions precedent typical for project financing and a structured repayment schedule extending to 2041. The project entails construction of two H-class CCGT units, each with a nominal gross capacity of 668 MWe (total approx. 1,336 MWe), located adjacent to the existing power plant units in Kozienice. GE Vernova will supply the gas turbines. The units have been contracted on the capacity market for the 2029–2045 period, supporting the security of the National Power System and the transition to lower-emission generation. The investment is of strategic importance to the Enea Group and aligns with the Development Strategy of the Enea Capital Group until 2035. CMS represented Enea Elkogaz sp. z o.o. and the ENEA Group with a team composed by: Konrad Leszko (lead, Banking and Finance), Katarzyna Mazur (support, Banking and Finance), under the supervision of Jakub Wieczorek; and Jan Radziuk (project lead, Energy and Infrastructure), under the supervision of Marcin Bejm.

CMS Advises Enea Elkogaz on Financing for Two CCGT Units in Kozienice

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