KUKE has been recognized as the world's best institution supporting entrepreneurs in foreign expansion and received the title of Best Export Credit Agency in the prestigious Leaders in Trade competition, organized by the industry magazine Global Trade Review. The award was presented at a gala in London, which honored winners in 29 categories and 12 Best Deals in international trade and project finance.
"This title is the culmination of the immense work we have done in recent years. New solutions supporting domestic and foreign investments of Polish companies, green guarantees for financing the energy transition, and much greater activity in the market for infrastructure investments in developing countries, resulting in the inclusion of Polish producers and contractors in supply chains. Add to this our swift response to changing market situations, including being a leader in the reconstruction of Ukraine. All of this was achieved through effective cooperation with governments of many countries, international development institutions, and commercial banks worldwide. This has built our global recognition as a trusted and innovative partner, who is eagerly invited to a variety of transactions. Few Polish financial institutions can boast such recognition, not to mention being appreciated with such prestigious awards. We treat this award also as an encouragement for further action".
Janusz Władyczak, CEO of KUKE
The shortlist for the Best Export Credit Agency title included KUKE and Etihad Credit Insurance from the United Arab Emirates. Last year, KUKE finished second in the competition, just behind Sweden’s EKN.
This year, GTR’s editorial team was supported by an independent advisory panel of respected industry experts to help evaluate submissions for the Global Leaders in Trade Awards.
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 current value of the Polish manufacturer production facility in Ukraine covered by us exceeds $45 million.
This is a landmark transaction for KUKE in many respects. It is the first insurance of a Polish investment in Ukraine since the outbreak of full-scale war. It is also the first reinsurance transaction of the FDI’s political risks carried out for the investor, rather than for the financing of the bank. At the same time, it is the first ever reinsurance transaction completed for multilateral financial institution, rather than for another export credit agency. The recently signed agreement with MIGA on cooperation and mutual support in insuring the activities of Polish business in foreign markets, with special focus on Ukraine, has quickly borne fruit. We are eager to support other companies based in Poland to safely and successfully invest in Ukraine to help rebuild the country and modernize its economy.
Katarzyna Kowalska, Deputy CEO of KUKE
We are committed to supporting Ukraine and the private sector, which is keeping the economy resilient in the face of Russia’s invasion. Our political risk insurance guarantee product has supported private investors who are playing a crucial role in sustaining Ukraine’s economy during the ongoing war.
Hiroshi Matano, MIGA Executive Vice President
KUKE’s offer in respect to Ukrainian market consist of three pillars:
- Export credit cover
- Investment insurance (greenfield, M&A, other)
- Cover for reconstruction & modernisation projects with participation of Polish contractors and suppliers.
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
In addition to KUKE, representatives of the following entities signed the memorandum: Atradius Dutch State Business (Netherlands), EDC (Canada), EGAP (Czech Republic), EKN (Sweden), Euler Hermes (Germany), EIFO (Denmark), Finnvera (Finland), PricewaterhouseCoopers (Germany), NEXI (Japan), SACE (Italy), UKEF (UK) and USEXIM (USA). They agree to continue supporting Ukraine in cooperation and to establish an exchange format for sharing experiences.
"We demonstrate our will to support Ukraine more actively in its efforts to rebuild and modernize the economy. Since the beginning of the war, we have advocated the creation of international guarantee mechanisms to enhance safe investments and trade with Ukraine. At KUKE, we have created a comprehensive support program for Polish companies that supply Ukrainian market, invest there or want to rebuild the country. Since the outbreak of the war, we have covered Polish exports worth nearly USD 1 billion realising only marginal loss ratio. Hence we are in a position to share our experience and provide know-how for other parties to increase safely its trade, investments and partnerships with Ukrainian businesses."
Katarzyna Kowalska, Vice-President and CRO of KUKE
To develop practical solutions to address the challenges of applying export and investment promotion in Ukraine, the operational focus of the memorandum centers on contact between experts and practitioners from the respective institutions. The participants expect the joint commitment to use existing flexibilities in the cover policy, the possible optimization of support instruments based on an exchange of best practices, and the proactive use of risk-sharing opportunities between the participants of the memorandum to substantially strengthen the support instruments to the benefit of Ukraine.
The initial signatories call on other countries to join the network to support Ukraine in the future. The aim is to build a broad and strong coalition of financial institutions for Ukraine.
"The combination of our capabilities will strengthen the shield against political and war risk available to not only Polish companies but also entities using Poland as a hub for establishing or expanding their business in Ukraine. We see strong interest on the Polish side in developing economic ties with Ukraine as our export dynamics proves, though the risks stemming from the ongoing war deter from investing on a larger scale. KUKE was leading the ECA community in opening up the Ukrainian market to export and investment cover. We are ready to insure commercial, political and force majeure risks of planned investments as well as the existing ones to make entrepreneurs feel safe and encourage them to accelerate their involvement in recovery of Ukraine. This is our priority, but then we hope for joint transaction in other markets where we can assist Polish companies to carry on sustainable investments and mitigate their risks."
Katarzyna Kowalska, Vice-President and CRO of KUKE
"During this time of immense difficulty caused by Russia’s invasion of Ukraine, we remain committed to expanding our support to the Ukrainian government and the private sector. Our insurance and reinsurance products have played a vital role in sustaining the Ukrainian economy’s resilience during the ongoing war and supporting much needed foreign investment."
Hiroshi Matano, Executive Vice President of MIGA
MIGA is also exploring reinsurance support for Ukrainian projects with other European export credit agencies. The Agency has been collaborating with the Ukrainian government, development partners, and the international investment community interested in risk mitigation and market insights.
MIGA has been among very few providers of political risk insurance in Ukraine, including cover for war and civil disturbance, issuing more than $215 million in coverage since the Russian invasion of Ukraine in February 2022. MIGA’s coverage was made possible by donor contributions to the Support for Ukraine Reconstruction and Economy Trust Fund (SURE TF) which complements MIGA’s own risk capacity. Through these efforts, MIGA has supported new and existing cross-border investors in Ukraine. MIGA’s guarantees serve as a key risk mitigation tool, ensuring the continuity of private sector operations and investments for the country’s continued economic activity during the ongoing conflict.
KUKE signed an agreement with its Turkish counterpart Türk Eximbank on reciprocal reinsurance of export financing and investment transactions. The ceremony took place at the headquarters of the Turkish bank in Istanbul, and the documents were signed by CEO of KUKE, Janusz Władyczak and Vice-President, Katarzyna Kowalska, and on behalf of Türk Eximbank, by CEO Ali Güney and Deputy CEO Hakan Uzun.
Thanks to the agreement, KUKE will be able to insure the financing of projects in third countries with the participation of a partner from Türkiye, in which entities from Poland will be involved. In some cases, it will also be possible for a partner to join projects carried out either in Poland or Türkiye.
“At KUKE, we notice and appreciate the activity of Turkish companies that conduct numerous projects in developing countries related to the development of infrastructure. Over recent years, they have gained extensive experience, becoming entities responsible for important investments in African and Asian countries. However, they often need reliable suppliers or subcontractors ensuring high quality of service for complex and multi-stage projects. Hence our initiative to conclude a reinsurance agreement with Turk Eximbank, which has been supporting the foreign activities of Turkish companiess for years. Thanks to this cooperation, it will be easier for Polish companies to join projects carried out by contractors from Türkiye, as they will have backing of financial guarantees from KUKE. We are therefore integrating two areas, informing about available contracts with Turkish partners as part of our Shop in Poland solution and providing financial instruments securing the participation of Polish entrepreneurs in implemented projects".
Janusz Władyczak, president of KUKE
Recently, the intensity of our business contacts with partners from Türkiye has increased significantly. KUKE secured the financing of large railway projects in this country, to which suppliers from Poland were invited.
"Türk Eximbank is the sole official export credit agency of Türkiye, supporting transactions in foreign markets through its direct lending, guarantee and insurance mechanisms. We actively provide finance to Turkish exports all over the world and we will be more than glad to jointly support our exporters’ collaboration with Polish companies in third countries in regions such as Africa, Central Asia and Eastern Europe".
Ali Güney, CEO of Turk Eximbank
