No. 57/2022 | 16-09-2022 | 14:23
Agreement between PKN ORLEN S.A. and ENERGA S.A. on financing of CCGT power plant in Gdansk
PKN ORLEN S.A. (“PKN ORLEN”) informs that on 16 September 2022 it concluded with ENERGA S.A. an agreement regarding financing (“Agreement”) of building of gas power plant (CCGT) in Gdansk (“Project”). If the investment decision regarding the Project is made, PKN ORLEN declared in the Agreement to finance the whole CAPEX of the Project, but not more than PLN 2,5 bn, while the financing provided by PKN ORLEN will take place after the financing provided by ENERGA S.A.
PKN ORLEN may withdraw from the Agreement if a capacity agreement is not concluded by the company CCGT Gdańsk Sp. z o.o. (special purpose vehicle company that realizes the Project).
Covering of indicated CAPEX will take place through the provision of cash to ENERGA S.A. or the company CCGT Gdańsk Sp. z o.o. for equity or on a debt financing basis. The Agreement specifies also the principles of supervision over the company CCGT Gdańsk Sp. z o.o. and managing of the Project.
The Agreement replaces the letter of intent about which PKN ORLEN S.A. informed in the regulatory announcements no. 54/2021 dated 29 December 2021 and no. 58/2020 dated 2 November 2020.
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 Gdańsk Sp. z o.o.
See also: regulatory announcement no 54/2021 as of 29 December 2021 and no 58/2020 as of 2 November 2020.