The adopted strategic direction is irreversible. An additional impetus for action is provided by the requirements of credit institutions that have turned away from financing black assets. Hence, coal companies, including Tauron Wydobycie, must undergo a deep transformation and start looking for financial sources other than funds from the parent company. The financial independence of the company Wydobycie should take place quickly, we predict that after 2021 it will no longer be possible to financially support the mining activities within the group – says Wojciech Ignacok, president of the Tauron Group in an interview with WNP.PL.
The company has completed the issue of sustainable development bonds. Was it worth it?
Tauron is the first company in the country to take such a step. Thanks to the billion zlotys we have obtained in this way, we will finance the ambitious assumptions of the Green Tauron Return. Along with the issue of bonds, we have committed ourselves to increasing zero-emission generation sources and reducing CO2 emissions. We are talking about increasing the share of green energy in our mix by as much as 8%. annually on average and for the next five years.
The amount is impressive, but is this plan realistic? Tauron operates in industrial areas associated with mining.
I believe we have no other perspective today. We move from the planning stage of the Green Tauron Phase to the action stage. The issue of bonds is also associated with a number of requirements set for us. The funds that we have obtained in this way can only be used to diversify non-coal activities. We will use mainly new wind and photovoltaic projects and development of the distribution network.
This is probably not good news for miners or power plant workers …
Today, the most important challenge we face is obtaining financing for investments. Requirements in the area of energy financing by European financial institutions are more stringent each year. Today, we have practically no possibility of obtaining financing that would not exclude the allocation of these funds to coal activities. That is why we are looking with great interest at the concept of separating the coal-fired units into a separate entity. Such a solution would be very beneficial for Tauron.
Is it still possible to obtain financing for the coal sector?
What a few years ago in the field of climate policies was the practice of several European banks, today is generally accepted obviousness. This is due to several reasons, the main one being the tightening of the environmental policy of the European Union and the creation of a banking environment in which it is more profitable to engage in low- and zero-emission projects. Therefore, the above will be an evident economic stimulus for the complete cessation of any activities related to financing coal assets.
What does this mean for your mining company?
The adopted strategic direction is irreversible. An additional impetus for action is the requirements of credit institutions, which – as I mentioned earlier – have turned their back on financing black assets. Hence, coal companies, including Tauron Wydobycie, must undergo a deep transformation and start looking for financial sources other than funds from the parent company. The financial independence of the Wydobycie company should take place quickly, we predict that after 2021 it will no longer be possible to financially support the mining activities within the group. Our overriding goal is to ensure stable financing for the entire group and the implementation of updated strategic directions. And the future, which no one doubts anymore, belongs to green energy.
How is Tauron planning to finance investments related to conventional energy production then?
We are currently completing our largest projects related to conventional energy, including the construction of a 910 MW unit in Jaworzno. This is our last carbon project. We are also closing the adjustment of generating units to the BAT convention guidelines. The modernization of 200 MW units was necessary for these units to participate in the capacity market. Tauron’s Green Turn, however, clearly shows our further development path. Further investments will focus on projects related to renewable energy sources and the development of the distribution network.
In this case, what investments does Tauron want to focus on in the near future?
We are involved in many projects in the field of low- and zero-emission generation sources. One of the key ones is now the construction of solar farms on the Group’s land. In Jaworzno, on the site of the former coal-fired power plant, we are completing the construction of a photovoltaic farm. This is the first project under the Tauron PV program. In total, several such farms will be built with a total capacity of 100 MW. Importantly, all these projects are located in our post-industrial areas, which is the best not only in terms of economic but also environmental. Currently, the construction of solar power plants Choszczno I and Choszczno II, which will include 10 farms, is also underway. Of course, we also have larger projects planned, such as onshore wind farms. Tauron already owns nine wind farms with a total capacity of 380 MW. We are also considering the acquisition of further such investments, although we realize that it will be difficult.
–
–
