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This is the largest investment supported by KUKE in the company's almost 35-year history and also the first to be covered by our green guarantee program aimed at facilitating the climate transformation of the Polish economy. The latest solution from our offer proves effective both in securing working capital for a small company and for investment loan for a large project improving the energy balance and national security of Poland. Thanks to it, we build and support supply chains that include domestic producers and contractors. KUKE's counterparts from other countries are following our lead and also introduce similar instruments, which only shows that energy issue is crucial for maintaining competitiveness in the global economy. We have the capability to significantly increase the scale of green transformation financing, and cooperation in such a complex project and within a large consortium of lending banks has shown that together we can accelerate this process.

Janusz Władyczak, CEO of KUKE

We have accomplished something remarkable: we secured financing from around 30 institutions - the biggest players in the international financial market — and obtained exceptionally favorable terms in what has been a challenging market in recent months. We are now entering the construction phase so that in three years, clean energy from state-of-the-art turbines will flow into Polish homes.

Adam Purwin, CEO of Polenergia S.A.

Finacial close means that the conditions precedent to loan disbursement have been fulfilled. On May 19, Equinor and Polenergia took final investment decisions for both projects, officially launching the full-scale construction phase.

Strong interest from financial institutions underscores the robustness of these projects. It also highlights their strategic importance to Poland’s energy transition and the integration of large-scale renewable energy into the national energy mix. With key decisions finalized and financing secured, we now shift our focus to the safe, timely, and efficient execution of construction.

Michał Jerzy Kołodziejczyk, CEO of Equinor in Poland

The Bałtyk 2 and Bałtyk 3 projects, developed by Equinor and Polenergia, boast a total capacity of 1,440 MW and are a key component of the country’s energy transition, representing the largest private energy investment in Poland.

By 2028, green energy will be generated from 100 state-of-the-art wind turbines, each as tall as the Palace of Culture and Science in Warsaw, providing power to over 2 million Polish households. This initiative will significantly enhance the country’s energy security and independence. Located in the Polish exclusive economic zone of the Baltic Sea, the farms present opportunities for local industry and the national economy.

The agreement stipulates the cooperation between the parties to provide financial instruments guaranteed by the State Treasury of Poland regarding to financing and contracts of Polish and Ukrainian companies with the Polish goods component, namely:

KUKE was the first export credit agency (ECA) in the world to restore the coverage of ST export credit and investments in Ukraine after the Russian aggression in February 2022.

“The reconstruction of Ukraine continues here and now, and the country must function as normally as possible. Therefore, we should not wait until hostilities cease and then act. We at KUKE have adopted this strategy from the very beginning, creating various solutions and safeguards for emerging risks, incuding the war risk. While we have always believed that the role of blend finance will be enormous, we see that the creation of funds with multilateral support consumes a lot of time and hardly mobilizes significant capital so far. KUKE was the first and remains one of the few institutions that provide such guarantees to business. So far, over 3,000 Polish companies have declared their willingness to invest in Ukraine and participate in the reconstruction process. We hope that our cooperation with Oschadbank will increase their opportunities to participate in projects related to the reconstruction of infrastructure or other projects aimed at modernizing the economy. Partnership with local entities may strengthen their position to compete effectively with firms from other countries and give them access to a market with extensive needs”.

Janusz Władyczak, CEO and president of KUKE

"Oschadbank continues to form an international coalition to support Ukrainian business. The memorandum signed today stipulates that our Polish partners from KUKE will soon join us in guaranteeing investments in the Ukrainian economy. We already have several projects to guarantee financial obligations together with the EBRD, the European Investment Bank, and the Ukrainian Export Credit Agency. The involvement of a powerful Polish player in the field of export guarantees in these programs will increase the volume of such initiatives and help attract foreign investment for much larger projects that the Ukrainian economy needs today. We are very grateful to our Polish friends for their cooperation and willingness to help build Ukraine even during the full-scale aggression."

Sergii Naumov, president of the Management Board of Oschadbank

The agreement also enables cooperation between KUKE and Oschadbank in other areas that both parties consider mutually beneficial.

“We have significantly strengthened our presence in over 20 of the fastest growing renewable energy markets in Europe. Many of them are countries of Central and Eastern Europe or not belonging to the European Union. The use of the deferred payment option is crucial for the development of the activities of installation and distribution companies that are just entering the market”.

Marcin Ślęzak, Chief Commercial Officer at Menlo Electric

KUKE supports the green transformation

Cooperation with Menlo Electric is in line with KUKE's policy of supporting domestic companies in their foreign expansion, and at the same time contributing to the green transformation of the Polish and European economy.

“We are delighted to support Menlo Electric, which, thanks to its rapid development, is playing an increasingly important role in providing users across Europe with access to the latest and more efficient renewable energy technologies. KUKE enables Polish companies not only to safely offer deferred payment terms in relations with domestic and foreign buyers, but our insurance and bonding facilities also enable exporters to conduct investments, acquisitions and increase their payment credibility in the eyes of their suppliers”.

Janusz Władyczak, President and CEO of KUKE

Financing through factoring

Financing under domestic and export factoring will be provided by KUKE Finance, a subsidiary of KUKE.

“We see the progressive concentration of entities operating on the photovoltaic market, and Menlo Electric, due to its position, is one of the most important beneficiaries of this process. We hope to finance the company itself on an increasing scale, and through it, smaller distributors and installation companies from this industry in Poland and abroad, so that the market continues to grow despite various adversities, such as the recently rising costs of devices”.

Konrad Klimek, President and CEO of KUKE Finance

Broader cooperation with the Polish Development Fund Group

The agreement is part of a wider Menlo Electric financing program, led by the Company’s CFO Marta Walendzewicz.

“As we observe disruptions in international supply chains, ensuring that we have constant access to the highest quality goods requires an adequate level of working capital. That is why our goal this year is to secure financing worth over PLN 90 million. The agreement with KUKE and KUKE Finance is a milestone in the implementation of the program. We are also talking about wider cooperation with the Polish Development Fund Group, which KUKE and KUKE Finance are a part of”.

Marta Walendzewicz, Chief Financial Officer at Menlo Electric

The new sanctions that were imposed by the European Union on Belarus on 21st and 24th June extend the list of persons and companies subject to restrictions and prohibit firms from the EU to export to this country any equipment, technology or software intended to monitor or intercept communications on the internet and telephone communications; export Dual-Use Goods and technology used for military purposes; they also impose further restrictions in trade in goods used in the production or manufacture of tobacco products. At the same time, the EU decision restricts access to the EU’s capital markets to the Belarusian government and the financial institutions controlled thereby and also prohibits the provision of insurance and reinsurance to the Belarusian government and its public bodies and agencies.

In view of the above, below is a list of the effects of these regulations on businesses and banks that are clients of KUKE:

We shall inform of any changes in the position of KUKE, in alignment with the regulations concerning the sanctions.

In all cases where there is doubt, please contact a KUKE representative.

What with the return of the freedom to travel after the pandemic, Polish tourists visiting Madrid will be able to get around Spain’s capital on buses made by the Polish company Solaris. The company has just won a contract for the supply of 250 natural gas (CNG) vehicles to EMT, a company providing public transport bus services in the Spanish capital. A year earlier, Solaris won a tender for the supply of 30 vehicles to Barcelona. In both cases, Solaris competed against other producers with the financial support of KUKE and Santander Bank Polska. 

“Solaris is a well-recognised brand not only in Poland and is winning tenders across Europe, becoming an increasingly significant Polish exporter. At KUKE, we have tailored a solution securing the company’s export contracts, which often require guarantees issued by local banks. KUKE assumes the risks from such institutions. When it comes to contracts for the supply of Solaris buses to Madrid and Barcelona, we applied such a solution together with the Santander Group,” explains Kinga Zychowicz from the Insurance and International Cooperation Department at KUKE.

The contract in Madrid is worth EUR 68.6 million, while the one in Barcelona is worth EUR 10.4 million.

“Bank guarantees are an important element of Solaris’ operations. Working with KUKE, we gave our client a guarantee facility corresponding to its advanced needs. We’re tremendously pleased that we could combine forces with KUKE and harness the experience and strong market position of the banks of the Santander Group both in Poland and in Spain. We’re convinced that this is a solution that we will continue to successfully use in many other export markets of our Clients,” Jacek Moćko, Trade Finance Manager at Santander Bank Polska, asserts.

Last year, Solaris signed an agreement with the Management Board of the Municipal Bus Transport Company in Warsaw for the supply of 70 natural gas (CNG) vehicles to Poland’s capital. The value of the contract, which was supported by KUKE’s contract performance bond, was PLN 116 million.

KUKE has for years been supporting projects executed by Polish entrepreneurs outside Poland’s borders, both by granting direct guarantees and counter-guarantees to the guarantees issued by banks. The insurer recently modified its offering for export contract guarantees granted with the support of the State Treasury, simplifying the procedures involved and the documentation requirements and extending the scope of the goods and services covered by it, as well as their application possibilities.

“KUKE guarantees present advantages to both the exporter and the banks financing them, be they Polish or foreign. Thanks to KUKE’s counter-guarantees, a bank can secure up to 80 percent of its commitments, thereby reducing its risk under a single guarantee to a mere 20 percent or, while maintaining the original risk level, it can increase its limit fivefold per exporter. In effect, the exporter is capable of acquiring further funding for growth and development,” asserts Kinga Zychowicz from KUKE.

In 2020, KUKE supported 62 export projects worth over PLN 5 billion with its guarantees. The total sum of granted guarantees has grown dynamically in recent years. In 2019, it came to PLN 395 million, and – despite the pandemic – reached PLN 460 million the following year.

What with the return of the freedom to travel after the pandemic, Polish tourists visiting Madrid will be able to get around Spain’s capital on buses made by the Polish company Solaris. The company has just won a contract for the supply of 250 natural gas (CNG) vehicles to EMT, a company providing public transport bus services in the Spanish capital. A year earlier, Solaris won a tender for the supply of 30 vehicles to Barcelona. In both cases, Solaris competed against other producers with the financial support of KUKE and Santander Bank Polska. 

“Solaris is a well-recognised brand not only in Poland and is winning tenders across Europe, becoming an increasingly significant Polish exporter. At KUKE, we have tailored a solution securing the company’s export contracts, which often require guarantees issued by local banks. KUKE assumes the risks from such institutions. When it comes to contracts for the supply of Solaris buses to Madrid and Barcelona, we applied such a solution together with the Santander Group,” explains Kinga Zychowicz from the Insurance and International Cooperation Department at KUKE.

The contract in Madrid is worth EUR 68.6 million, while the one in Barcelona is worth EUR 10.4 million.

“Bank guarantees are an important element of Solaris’ operations. Working with KUKE, we gave our client a guarantee facility corresponding to its advanced needs. We’re tremendously pleased that we could combine forces with KUKE and harness the experience and strong market position of the banks of the Santander Group both in Poland and in Spain. We’re convinced that this is a solution that we will continue to successfully use in many other export markets of our Clients,” Jacek Moćko, Trade Finance Manager at Santander Bank Polska, asserts.

Last year, Solaris signed an agreement with the Management Board of the Municipal Bus Transport Company in Warsaw for the supply of 70 natural gas (CNG) vehicles to Poland’s capital. The value of the contract, which was supported by KUKE’s contract performance bond, was PLN 116 million.

KUKE has for years been supporting projects executed by Polish entrepreneurs outside Poland’s borders, both by granting direct guarantees and counter-guarantees to the guarantees issued by banks. The insurer recently modified its offering for export contract guarantees granted with the support of the State Treasury, simplifying the procedures involved and the documentation requirements and extending the scope of the goods and services covered by it, as well as their application possibilities.

“KUKE guarantees present advantages to both the exporter and the banks financing them, be they Polish or foreign. Thanks to KUKE’s counter-guarantees, a bank can secure up to 80 percent of its commitments, thereby reducing its risk under a single guarantee to a mere 20 percent or, while maintaining the original risk level, it can increase its limit fivefold per exporter. In effect, the exporter is capable of acquiring further funding for growth and development,” asserts Kinga Zychowicz from KUKE.

In 2020, KUKE supported 62 export projects worth over PLN 5 billion with its guarantees. The total sum of granted guarantees has grown dynamically in recent years. In 2019, it came to PLN 395 million, and – despite the pandemic – reached PLN 460 million the following year.

150 exporters benefited in Q1 2021 from GAP EX and GAP EX+ insurance made available by KUKE for the duration of the pandemic. They despatched their products to approximately 700 counterparties from 33 countries. The largest sales were to customers from the UK (16%), Italy and France (14%) and Germany (13%). The top 10 also includes four countries in our region: Romania, the Czech Republic, Slovakia, and Hungary.

GAP EX solutions are guaranteed by the State Treasury and are designed for exporters who are unable to find insurance on a commercial basis for their existing contracts or wish to increase international sales. The insurance covers European Union countries and selected nine OECD markets such as the United States, Norway, and Australia.

"We estimate that GAP EX solutions have so far insured exports worth almost two billion PLN. This mainly concerns EU countries, although statistics from recent weeks show that despite the problems resulting from Brexit, which significantly weakened the trade exchange with Great Britain at the beginning of the year, Polish entrepreneurs, e.g., from the furniture industry, are still fighting for the local market. So, there is a chance that within a few months exports to the British Isles will return to their previous levels", said Elżbieta Kacprzykowska, Director of KUKE's Sales Department.

The plastics industry accounted for almost one-fifth of coverage under GAP EX and GAP EX+ policies in value terms in Q1 2021, an increase of almost fifty per cent compared to 2020. Metallurgy accounted for 12% of the value of policies, while the food and automotive industry accounted for over 8% each. The wood and furniture sectors had a total share of 10%. Transport, construction, and electrical engineering companies were also keen to use our insurance.

"Acceptance of customers' credit limit applications is higher this year than last year, although our approach to risk has not changed. However, we see that the GAP EX portfolio is safe, with a minimum number of reported claims. Improving economic forecasts are announced for the developed countries. On the other hand, there is a risk that with the upcoming withdrawal of business aid programmes there will be more bankruptcies and restructurings, also among our exporters' counterparties", emphasised Elżbieta Kacprzykowska.

The European Commission has extended until the end of December 2021 the possibility for state guarantees to be provided to insure short-term export credits relating to Union markets and selected OECD countries under instruments such as GAP EX and GAP EX+.

According to a survey conducted by the Berne Union in the first quarter of the year, export credit agencies and private credit insurers expect an increase in the value of claims paid out. This means that, thanks to the protective measures introduced by most governments, the scale of the problems caused by the pandemic has diminished, although it has not been possible to eliminate them entirely. On the other hand, insurers, especially State-owned insurers, are ready to increase their exposure and support international trade.