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Accelerating investments in energy efficiency and expansion of the renewables industry is a pure gain for the Polish economy and business as it improves its competitive position and strengthens country’s security. Being aware of the financing gap in the local market, we felt it necessary to include KUKE in supporting both companies and the financial sector in this process. Our guarantee program, pioneered among ECAs, will facilitate mobilization capital also from foreign markets. We are pleased that HSBC will join us to help Polish companies respond to the challenges of climate change and meet regulatory requirements.

Janusz Władyczak, CEO of KUKE

The framework agreement with KUKE covering the Green Guarantees program is an important step in supporting the net zero transition in Poland and mobilising financing options for green projects. We are pleased to officially access KUKE’s program and to utilise our global nexus and expertise in export finance to help our clients in their sustainability journeys.

Philip Lewis, Global Co-Head of Export Finance at HSBC

The Green Guarantees Program includes two solutions:

The investments and projects to be covered with green guarantees include low-carbon power generation, hydrogen technology, production of equipment increasing energy efficiency, infrastructure supporting low-carbon transportation, modernization of water supply and treatment systems, transportation, and geological storage of CO₂. Importantly, the guarantees can cover, among other things, power plants using natural gas as a transition fuel.

New KUKE guarantees will help Polish companies finance expenses related to energy transformation and carry out investment projects aimed at achieving climate neutrality for the economy. They will also assist banks providing loans for green investments by reducing their risk and enabling a multiple increase in the scale of lending activities.

KUKE has introduced instruments that secure the repayment of financing provided by banks for the green transformation of Polish companies. These “green” guarantees will apply to a wide range of investments that contribute to mitigating climate change. The new solutions from KUKE aim to encourage banks to increase financing for the energy transformation of the Polish economy and to mobilize additional funds for this purpose from foreign sources as well.

According to the latest assumptions from the Ministry of Climate and Environment, the cost of the transformation outlined in the updated National Energy and Climate Plan by 2030 will amount to nearly PLN 800 billion. A report published this year by UN Global Compact Poland, titled “Green Finance in Poland,” points to an investment gap in the economy of up to EUR 1.9 trillion by 2050.

"Poland needs clean and affordable energy to maintain its fast economic growth and to ensure that domestic companies can continue to compete effectively in global markets. Therefore, our goal is to accelerate the energy transformation, which requires the mobilization of additional financial resources. The availability of these resources will encourage companies to invest in green technologies. The best, proven, and budget-neutral tool for this is state guarantees for the banking sector, which alleviate concerns about financing the climate transformation of their clients. KUKE, which already successfully guarantees credit repayments for exporters, is responsible for working with banks and issuing these guarantees."

Jacek Tomczak, Deputy Minister of Development and Technology

KUKE has developed the mechanism for these new instruments and the model for cooperation with banks over the past few years, offering guarantees for investment and working capital financing provided to Polish exporters for domestic projects. The maximum guarantee level is 80% of the loan value, meaning that a bank using this solution can increase its client financing capacity by five times. In 2023, the value of loans guaranteed by KUKE reached PLN 2.5 billion. Currently, all major corporate banking institutions in Poland are using KUKE guarantees.

KUKE is one of the first export credit agencies in the world to support the climate transformation of the national economy. Previously, these agencies focused on financing the operations and development of domestic exporters.

"The green investment guarantees are an innovative solution through which KUKE will contribute to modernizing the economy and strengthening the competitiveness of Polish entrepreneurs in a completely new area. In addition to its traditional activities in trade credit insurance, both domestic and export, KUKE has added groundbreaking instruments in recent years, supporting domestic exporters' investments, ensuring liquidity, integrating producers into global supply chains, and attracting foreign investments. Now, KUKE is dedicating its resources and expertise to addressing the biggest challenge facing Poland’s economy in the coming decades: the energy transformation. KUKE guarantees are available to all companies, whether they need to adapt to new regulations and want to reduce their negative environmental impact to meet the Fit for 55 requirements, or they are aiming to carry out projects, especially in the energy sector, that will shift our economy toward green solutions. Our proven model of cooperation with banks allows us to believe that we will achieve significant scale in this area quickly. This year alone, we can issue guarantees worth up to PLN 10 billion."

Janusz Władyczak, President of KUKE

KUKE offers two types of “green” instruments: guarantees for the repayment of financing for medium- and long-term investment projects, and guarantees securing the repayment of short-term obligations to suppliers and financial institutions by companies making significant contributions to mitigating climate change. Both domestic and foreign financial institutions can benefit from KUKE’s support program.

"The value of investments needed in the economy to combat climate change exceeds the financial capacity of the domestic banking sector. KUKE’s role will therefore be twofold. Credit risk-reducing guarantees act as leverage, allowing banks to increase the limit of funds available to companies by up to five times. Additionally, through longstanding cooperation with international financial institutions, including commercial and development banks, we will attract foreign capital dedicated solely to transformation efforts. Having access to their own financing for projects, such as offshore wind farms, strengthens our position and increases the local content of investments."

Adam Winogradzki, a member of KUKE’s board

KUKE’s guarantees for green investments can cover loans with very long repayment periods (over 20 years) and a minimum value of PLN 10 million. The program does not require allocation of state budget funds, as it is implemented within the limits set for KUKE.

Examples of projects eligible for KUKE’s “green” guarantees:

The 390MWp project entails the construction and operation of solar power plants at seven separate sites, with aggregate power generating capacity of 390 MWp across the provinces of Bor-Nigde, Gaziantep and Sanliurfa-Viransehir. Upon completion, the project could generate enough renewable electricity to power over 65,000 households in Turkey annually.[1]

British exporter GE Vernova – via its subsidiary UK Grid Solutions Ltd – will supply and install inverter stations, power-plant controllers and other critical equipment. This is expected to directly support British jobs at GE Vernova’s Staffordshire site, as well as jobs in the wider UK supply chain.

Polish exporters will deliver security systems (including both software and equipment) and steel components for the project. This is set to create jobs in manufacturing and logistics sectors.

Standard Chartered acted as Structuring Bank, Green Loan Coordinator, Lead Arranger and Lender. The financing is guaranteed by a 100% UKEF guarantee, with over €122 million reinsured by KUKE, Poland’s export credit agency.

Renewable energy represents 54% of the total installed electricity capacity in Turkey.[2] This new project will increase the availability of renewable energy in Turkey and deliver on UKEF’s commitment to supporting the global transition towards low-carbon economies.  

"Our mission is to grow the economy, including through boosting exports so British businesses can sell their world class goods and services around the world. “This announcement will support jobs and businesses across the country, especially in the Midlands, and support the global transition toward cleaner energy. It also demonstrates how UK Export Finance can help businesses grow, export and boost economic growth.”

Gareth Thomas, UK Minister for Exports

“This contract in the green technology sector proves that Polish companies have broad competences and can provide products and services of the highest quality. Thanks to the support of KUKE, Polish entities are more often involved in the implementation of infrastructure projects in Africa, the Middle East and Asia. We hope to announce further transactions this year with significant involvement from Polish businesses, meeting large investment needs around the world whilst improving many people’s quality of life."

Piotr Maciaszek, Director of Insurance and International Relations Department, KUKE

“We have a long-term, successful partnership with UK Export finance in Türkiye, enabling GE Vernova to continue offering clients competitive financing solutions for Solar and Storage technology. GE Vernova has helped deliver approximately 2.8 GW of solar capacity in Türkiye with an extended equipment scope and a services package. We are proud to have delivered yet another landmark financing in Türkiye through successful collaboration with Kalyon Enerji and UK Export Finance.” 

Uday Mathur, Global Leader, Capital Markets GE Vernova

“We are proud to be a driving force behind Türkiye’s transition to clean energy. In 2023, we became fully operational in Kalyon Enerji’s Karapınar Solar Power Plant, which is the largest solar power plant in Türkiye and Europe, contributing 11% of the solar power generated in Türkiye. This is Kalyon Enerji’s second transaction with UKEF and GE Vernova, for the second largest solar project in Türkiye to date. Thanks to our business partners for their support, by investing in renewable energy projects, we’re not only providing sustainable energy solutions, but also creating jobs and contributing to Türkiye's energy independence using renewable energy sources.”

Dr. Murtaza Ata, CEO of Kalyon Enerji

“Through this important multi-site solar project in Türkiye, we were able to showcase our expertise to structure this Green Loan financing supported by UKEF and KUKE and contribute to our strategic priorities to help accelerate our clients’ transition to net zero. With our unique expertise in sustainable finance and a track record in financing renewable projects, we are proud to help shape the future of communities in our footprint.”

Yoshi Ichikawa, Head of Structured Export Finance for Europe, Standard Chartered

KUKE guarantees will secure investment loans granted to exporters

The agreement between Bank Ochrony Środowiska and KUKE covers cooperation in offering payment guarantees for loans granted to exporters. These instruments, guaranteed by the State Treasury, secure the bank up to 80 percent of the value of the loan granted for the implementation of investments in Poland aimed at boosting the company's export potential.

“Pursuing its mission, Bank Ochrony Środowiska is constantly expanding its product offer, also focusing on exporters or companies that are just considering foreign expansion. Green transformation is not only a challenge, but also a great market opportunity for Polish enterprises. Renewable energy sources and other green technologies are a promising market where there is still room for new players”.

Robert Kasprzak, Vice President of Bank Ochrony Środowiska

Both institutions also intend to educate Polish entrepreneurs on the possibility of internationalization of their activities, as well as support them in finding business partners or interesting projects on foreign markets, in which they can participate as suppliers or subcontractors.

“Polish exporters emerged from the pandemic in good shape, expanding their sales markets and confirming the attractiveness of their offer. Unfortunately, the Russian aggression against Ukraine has significantly worsened the prospects for international trade recovering from the pandemic. The WTO recently lowered its forecasts of global trade growth significantly to just 3 percent this year. But even in such an unfavorable environment, Polish goods have a chance to reach new recipients on different continents. The joint offer of financing the development of Polish exporters by BOŚ Bank and KUKE will certainly make it easier for them to compete in the international environment, because few countries provide such a wide range of aid instruments that start with supporting investments on the domestic market. We are ready to cooperate with small companies and the largest enterprises from the entire cross-section of the Polish economy that want to make investments that increase their production capacity or improve conditions for further growth. We also hope for many transactions related to the green transformation, in which BOŚ Bank specializes in financing, and which are currently very popular not only in Poland”.

Janusz Władyczak, President and CEO of KUKE

Who can take advantage of the guarantee

The guarantee can be used by enterprises that are already exporters or finance their domestic investments in BOŚ Bank to generate exports. This means that either:

The guarantee can cover up to 80 percent of the loan, the amount of which cannot be lower than PLN 5 million.

From the left: Robert Kasprzak, Wojciech Hann, Janusz Władyczak oraz Katarzyna Kowalska.
From the left: Robert Kasprzak, Wojciech Hann, Janusz Władyczak oraz Katarzyna Kowalska.

Export support system

Export development guarantee belongs to the export support system introduced last year, which enables banks to secure various types of financing granted to exporters. It includes guarantees and insurance for e.g. working capital loans for exporters or loans for acquisition or financing direct investments made by Polish entrepreneurs in foreign markets.

As part of one of the most comprehensive export support systems in Europe, KUKE introduced new instruments and modified the offer of existing solutions. In addition to the aforementioned, there are, among others, guarantees of repayment of liabilities to suppliers, which are so important in the search for new sources of supply, and guarantees for financing the supply chain, which help exporters, inter alia, obtain additional funds from banks and factoring companies. In turn, as part of the Shop in Poland program, KUKE is actively looking for Polish entrepreneurs willing to participate through the export of goods or services - "without leaving home" - in infrastructure projects in the most remote corners of the world, in which the insurer is financially involved. For all solutions, the procedures and document requirements have been simplified, the scope of goods and services covered by them and the possibilities of their use have been expanded.

The use of these instruments strengthens the exporter's financial capacity, positively influencing its relations with financing banks and contractors, enabling a significant increase in the scale of operations. KUKE's new offer has been used by many companies from various industries, from automotive, steel, through food, chemical and shipbuilding.

Contract guarantees and payment guarantees support the performance of the contract

ON April 22, at the Gdańsk Remontowa Shiprepair Yard, an agreement was signed under which the shipyard received a guarantee limit of EUR 60 million from KUKE related to the performance of the contract for the construction of three Ro-Pax ferries. The units are being commissioned by Polskie Promy and from 2025 they will gradually service connections in the Baltic Sea. This is one of the largest orders placed at a Polish shipyard in the last 30 years.

Previously the Remontowa Shiprepair Yard obtained from KUKE performance guarantees for the proper performance of the contract, the beneficiary of which is the ordering party. The value of these guarantees amounts to EUR 48 million.

"The contract for the construction of Ro-Pax ferries is gaining momentum and we make it clear that KUKE's support is crucial here. Thanks to the performance guarantees, the contract has become final, and thanks to the payment guarantees obtained, we can count on financing from banks, which in turn is necessary for servicing contracts with suppliers and subcontractors. We have already secured the supply of energy systems and propulsion, and the project itself is being carried out according to the assumed schedule, which means that the first unit is to be delivered to the shipowner in 2025 ".

Michał Habina, President of the Gdańsk Remontowa Shiprepair Yard

"We are glad that we can participate in such an important undertaking, supporting this particular project of the Gdańsk Remontowa Shiprepair Yard and once again the Polish shipbuilding industry. Thanks to the use of solutions from the new export support system, we were able to jointly develop a transaction structure that ensures financing for each phase of construction of units, enabling safe and undisturbed performance of the contract. By assuming a significant part of the risk, we encourage domestic banks to open up more to financing the shipbuilding industry, which so far has been treated by them with great caution. We have excellent technologies, great professionals, the trust of Western shipowners and the potential to build more. However, the problem is to obtain appropriate financing in the form of guarantees and loans. May our new solutions and the Batory program change this situation for good".

Janusz Władyczak, CEO and President of KUKE
From the left: Michał Habina i Janusz Władyczak
From the left: Michał Habina i Janusz Władyczak

Ro-Pax low-emission ferries

Ro-Pax is a ferry that will be able to carry 400 people. The project includes: restaurant, bars, shop, playground for children and other amenities for passengers. The ferries will be low-emission, equipped with electrically controlled azimuth thrusters and bow thrusters, powered by LNG-powered generators operating in a hybrid system with battery support.

The units are to be 195.6 m long and 32.2 m wide. The length of the load line is 4.1 thousand. m and the maximum speed will be 19 knots. They will operate on the line between Świnoujście and Ystad, supporting the development of maritime transport.

Gdansk Remontowa Shiprepair Yard. is the largest company of the Polish shipbuilding group Remontowa Holding. It offers comprehensive technical solutions, the final products of which are fully equipped, modern ships. In addition to repairs and reconstructions, the Group has extensive experience in the design and construction of various vessels, including ferries, which were delivered, among others, by to Norway, Denmark, Estonia, Great Britain and Canada.

The project of building a new type of car-passenger ferries (Ro-Pax) is a strategic undertaking aimed at maintaining the market position and strengthening the competitiveness of Polish ferry operators, which is possible, among others, thanks to the solutions offered by KUKE.

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.