Polsat Group will consolidate the RES segment

Katarzyna Ostap-Tomann, Chief Financial Officer of Polsat Plus Group, has revealed that the company is set to initiate the consolidation of the renewable energy sources (RES) segment using the full method starting in the third quarter of 2023. Presently, the Group holds a 40% stake in this particular segment.

Katarzyna Ostap-Tomann also mentioned that the company has been providing loans for the implementation of renewable energy investments up until now. However, the company is gearing up to take the next step. Notably, the Miłosław wind farms (with a capacity of 9.6 MW and a production of 38 GWh) and Kazimierz Biskupi (with a capacity of 17.5 MW and a production of 60 GWh) are scheduled for the third quarter. These projects hold a special significance as flagship investments for the Polsat Group.

In a significant move announced at the end of 2021, the Polsat Group expressed its intention to expand its activities within the realm of renewable energy sources and invest an impressive PLN 5.5 billion. The company is diligently following through on this strategy. By 2024, the total installed capacity of the Group’s renewable energy sources is projected to reach around 330 MW, and this is expected to grow to approximately 680 MW by 2025.

These investments are driven by multiple objectives, including reducing dependence on market energy prices. The Group’s CFO outlined the plan for self-consumption of the green energy produced from the implemented projects. The long-term return rates align with the company’s 2023+ strategy.

During the Q1 2023 summary, the Polsat Plus Group unveiled its plans for the year, which encompass the establishment of a hydrogen bus factory in Świdnik under the NesoBus brand (an acronym for “Does Not Emit Exhaust and Cleans”). The company previously announced that the city of Rybnik had committed to purchasing 20 NesoBuses.

Furthermore, the Polsat Plus Group proudly introduced a prototype of the first Polish electrolyser for green hydrogen production, capable of producing 200 kg of H2 per day. The company achieved another milestone by successfully issuing bonds related to sustainable development goals, adhering to the international ICMA standard. The total value of these bonds reached PLN 2.67 billion.

Source: Investing.com