Finance
Poland's Orlen plans to inject 5.1 billion zlotys into utility unit Energa
Published by Global Banking & Finance Review®
Posted on February 26, 2026
1 min readLast updated: February 26, 2026
Tags:Capital Markets
Quick Summary
Orlen will inject PLN 5.11bn into Energa via a rights issue priced at 18.50 per share. The move aims to repair the utility’s balance sheet and fund growth; Orlen, already holding 92%, will subscribe and seeks EGM approval.
Poland's Orlen plans to inject 5.1 billion zlotys into utility unit Energa
GDANSK, Poland, Feb 26 (Reuters) - Polish state-controlled refiner Orlen plans to inject 5.11 billion zlotys ($1.43 billion) into its utility unit Energa through a rights issue, it said late on Wednesday.
The move follows Orlen's attempt late last year to buy out the remaining minority shareholders and take full ownership of the utility, which it sees as key to its energy transition strategy.
Capital Increase and Ownership Plan
KEY DETAILS
Issue Price and Subscription
Rights Issue Terms
• The capital increase will be carried out at an issue price of 18.50 zlotys per share, with Orlen subscribing to the new stock.
Use of Proceeds
• Orlen says the capital injection is aimed at restructuring Energa's balance sheet and funding development.
Extraordinary General Meeting
Governance and Current Stake
• Orlen, which currently holds a 92% stake in Energa, will propose the move at an extraordinary general meeting.
Exchange Rate Reference ($1 = 3.5684 PLN)
($1 = 3.5684 zlotys)
(Reporting by Alicja Surdy, editing by Milla Nissi-Prussak)
Key Takeaways
- •Orlen proposes a PLN 5.11bn rights issue for Energa at 18.50 zlotys per share.
- •Orlen will subscribe to new shares to recapitalize Energa and fund development.
- •The plan targets restoring debt ratios and strengthening the utility’s balance sheet.
- •An extraordinary general meeting will be convened to approve the capital increase.
- •Orlen currently holds about 92% of Energa after a 2025 minority buyout push.
Frequently Asked Questions about Poland's Orlen plans to inject 5.1 billion zlotys into utility unit Energa
1What is the main topic?
Orlen plans a PLN 5.11bn rights issue for its utility unit Energa, priced at 18.50 zlotys per share, to strengthen the balance sheet and fund development.
2How will the capital be raised?
Through a rights issue with pre-emptive rights at 18.50 zlotys per share. Orlen has declared it will subscribe to the new shares.
3Why is Orlen injecting capital into Energa?
To restructure Energa’s balance sheet, restore leverage to market levels, and finance growth projects aligned with Orlen’s energy transition strategy.
