Poland first nuclear power plant could cost as much as $37bn, according to Jan Chadam, the acting head of Polskie Elektrownie Jadrowe (PEJ), the agency set up by the government to oversee its nuclear plans.

According to finance news agency PAP, Chadam told the 39th Europower conference in Warsaw: “We don’t have the final value of this project, but one can imagine that it will probably be around PLN150bn [$37bn].”

The plant is due to be built by US engineers Westinghouse and Bechtel. It will be sited in Pomerania on the Baltic Coast, with work beginning in 2026 and completing in 2033. Two additional units are expected to follow within the next three years.

However, Chadam said schedule was unlikely to be met, which he said added to the uncertainty over the cost.

In 2020, when the plan to build a fleet of nuclear power stations was first outlined, the price for the multiple units was tentatively put at $40bn.

The details of the finance are still being worked out. PEJ is seeking assistance from financial advisers on ways to attract investors.

Chadam added that Poland was also counting on the participation of the US’ Export-Import Bank, which supports US export projects.

As well as nuclear, the government is planning to invest some $32bn in offshore wind power.

The climate ministry is hoping to reduce Poland’s dependence on coal, reducing it from 69% at present to between 37% and 56% by 2030 and to between 11% and 28% in 2040.