CMS advises Enea Elkogaz on financing for two gas and steam units in Kozienice
CMS advised Enea Elkogaz sp. z o.o. on the conclusion of a financing agreement for the construction of two high-efficiency combined cycle gas turbine (CCGT) units in Kozienice, with a total capacity of approx. 1336 MWe.
CMS acted as legal adviser to Enea Elkogaz and the ENEA Group on the comprehensive structuring and negotiation of the project financing documentation. CMS also advised on selected project contracts required by the lenders (including long-term service agreements and agreements concerning energy sales and utility supply), supporting the project’s bankability.
The CMS work in the Banking and Finance practice was led by Konrad Leszko with the support of Katarzyna Mazur, under the supervision of Jakub Wieczorek. From the Energy and Infrastructure team, the project was led by Jan Radziuk, under the supervision of Marcin Bejm.
On 15 December 2025, Enea Elkogaz concluded a facility agreement with a consortium of banks for the CCGT project in Kozienice. The lenders are Bank Gospodarstwa Krajowego, Powszechna Kasa Oszczędności Bank Polski S.A., and Bank Polska Kasa Opieki S.A.
The total amount of the senior financing is approx. PLN 6.45bn and consists of: a term facility (approx. PLN 1.95bn), a facility guaranteed by an export credit agency (PLN 4.5bn), a VAT line (PLN 400m), and a working capital line (PLN 100m).
The financing is denominated in PLN and based on a variable interest rate. The agreement provides for covenants, collateral and conditions precedent typical for project financing, as well as a structured repayment schedule until 2041.
The project involves the construction of two CCGT units, each with a nominal gross capacity of 668 MWe, near the existing power plant units in Kozienice. The H-class gas turbines will be supplied by GE Vernova. The units have been contracted on the capacity market for the period 2029–2045, supporting the security of the National Power System and the transition towards low-emission generation sources.
The investment is of strategic importance to the Enea Group and is in line with the assumptions of the document entitled “Development Strategy of the Enea Capital Group until 2035”.
