WARSAW: Chemicals firm Pulawy, unit of Grupa Azoty, will spend a total of PLN 2.2 billion until 2021 on its power plant project, an installation for mechanical granulation of fertilizers and expanding the installation for nitric acid production, the company said on Friday.
The company expects that the power block, to be ready in 2019, will generate PLN 1.6 billion annual revenue, the statement showed. The block will consume 0.5 bcm of natural gas annually. Pulawy wants to build a financing model for the energy project yet this year and expects it will be 55-70% financed with debt. The firm will not seek an industry partner for the project, may only accept a financial one, Pulawy officials told a news conference.
The installation for mechanical granulation of fertilizers is also expected to be completed in 2019 and will cost some PLN 385 million. On May 25 Pulawy said it secured its supervisory board’s approval for a refashioned 400 MWe combined-cycle heat-and-power project estimated at PLN 1.125 billion and a PLN 695 million investment in nitric acid installation.
