No. 38/2021  |  31-08-2021

Agreement between PKN ORLEN and ENERGA S.A. on cooperation in construction of CCGT Power Plant in Grudziadz

PKN ORLEN S.A. (“PKN ORLEN”) informs that on 31 August 2021 it concluded with ENERGA S.A. an agreement regarding financing (“Agreement”)  of building of gas power plant in Grudziadz (“Project”). In the event of an investment decision regarding the Project, PKN ORLEN declared in the Agreement to finance up to 100% of the Project CAPEX, but not higher than PLN 1,8 bn, under the condition that CCGT Grudziądz Sp. z o.o. (special purpose vehicle company that realizes the Project) will sign the capacity agreement. Covering of indicated CAPEX will take place through the provision of cash to ENERGA S.A. or the company CCGT Grudziądz Sp. z o.o. for equity or foreign capital. The Agreement specifies also the principles of supervision over the company CCGT Grudziądz Sp. z o.o. and managing of the Project.

PKN ORLEN holds 90,92% of ENERGA S.A. shares that entitle to 93,28% of the total votes at the ENERGA S.A. general meeting of shareholders. ENERGA S.A. holds 100% of the shares in CCGT Grudziądz Sp. z o.o.