The Polish government is preparing a change in the ownership structure of Orlen Synthos Green Energy (OSGE) that could break a months-long deadlock between the company’s main shareholders and open the door to building the country’s first small modular reactor (SMR) in Włocławek. According to sources cited by Business Insider Polska, the Polish Development Fund (PFR) may enter the joint venture as a new investor, with negotiations overseen by the Ministry of Finance and Economy.
Poland’s SMR program, based on GE Hitachi’s BWRX-300 technology, was once hailed as a cornerstone of the country’s energy transition. The reactors were supposed to provide zero-emission baseload power faster and cheaper than conventional nuclear plants, supplying industrial giants in chemicals, steel, refining and other sectors. Yet for months, the project effectively stalled as Orlen and Synthos clashed over decision-making authority, funding commitments and operational control of OSGE.
Government steps in to break the deadlock
According to people familiar with the talks, the inclusion of PFR – a state-owned development bank – is intended to stabilise financing, reduce the risk of further shareholder disputes, and restore momentum to a programme that has lost credibility. A second investor could also be brought on board. No final decision has been made on the size of the stake or the exact timetable for the entry.
The most immediate flashpoint remains the first reactor, planned for Włocławek. Orlen wants roughly 80 percent of the shares in the special-purpose vehicle that would build and operate that unit. That would mark a fundamental shift in the current balance of power with Synthos.
– Our goal is for the partner to earn on cooperation with us, not on us – said Ireneusz Fąfara, CEO of Orlen, in May, publicly signalling that the existing formula was no longer acceptable to the refiner.
High stakes for Poland’s nuclear ambitions
So far no commercial BWRX-300 reactor has been commissioned anywhere in the world, which makes the Polish project both technologically and financially high-risk. The government’s push to restructure OSGE is not only about saving one investment; it is about preserving the credibility of Poland’s broader nuclear strategy, which also includes a large conventional plant being built on the Baltic coast.
Negotiations are still ongoing. – No decisions have yet been made on the date or the size of the new investor’s stake – a source close to the talks told Business Insider Polska. If the government succeeds, Poland could become one of Europe’s leaders in rolling out SMR technology. If it fails, the project may join a long list of ambitious energy ventures that never made it past the ownership-spat stage.
Źródło: WNP.PL, Fot. WNP.PL
