July 10, 2019 / 12:40 PM / 11 days ago

Poland may need $30 bln from foreign investors to build nuclear plant

WARSAW, July 10 (Reuters) - Poland will probably need around $30 billion by 2040 from foreign investors to build its first nuclear power station, Energy Minister Krzysztof Tchorzewski said on Wednesday.

Poland, which generates most of its electricity from coal, plans to build a nuclear power plant with a capacity of 6 gigawatts (GW) - and an option to expand it to 9 GW - to reduce carbon emissions and secure power supplies.

The energy ministry has said it expects the first unit of the plant, with a capacity of 1.0-1.5 GW, to be ready by 2033, with the whole 6-9 GW project completed by 2043.

The government is now working on the project’s financing.

“Investors are needed for around $30 billion, however this money would be provided over 20 years”, Tchorzewski told reporters, adding the whole investment was estimated at around $60 billion.

Poland has hoped the United States would provide support for the project, after the two countries signed a memorandum on energy cooperation, including nuclear. On Wednesday, the minister suggested more foreign partners might be involved.

“The talks with investors were difficult at the start, but now there is hope as there is some competition,” he said.

$1 = 3.8086 zlotys Reporting by Agnieszka Barteczko; Editing by Mark Potter

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