Agreement between Energa SA and PKN ORLEN S.A. on financing of CCGT power plant construction in Gdańsk
- Current reports
Current Report No. 41/2022
Date: 16 September 2022
Subject: Agreement between Energa SA and PKN ORLEN S.A. on financing of CCGT power plant construction in Gdańsk
Legal basis: Article 17(1) MAR - inside information
The Management Board of Energa SA (_quot;Issuer_quot;) informs that on 16 September 2022 it concluded with PKN ORLEN S.A. (_quot;PKN ORLEN_quot;), the Issuer's strategic shareholder, an agreement regarding the financing ("Agreement") of the construction of a gas and steam power plant (CCGT) in Gdańsk ("Project").
In case of the investment decision regarding the Project, PKN ORLEN committed in the Agreement to finance the entire capital expenditures related to the implementation of the Project, but not more than PLN 2.5 billion, while the financing provided by PKN ORLEN will take place after the financing provided by the Issuer. PKN ORLEN may withdraw from the Agreement if a capacity contract is not concluded by the company CCGT Gdańsk Sp. z o.o. (special purpose vehicle implementing the Project, 100% subsidiary of the Issuer). The indicated capital expenditures will be covered by providing cash to the Issuer or to the CCGT Gdańsk Sp. z o.o. for equity or on a debt financing basis. The Agreement also defines the rules of supervision over the company CCGT Gdańsk Sp. z o.o. and the Project management.
The Agreement fully replaces the letter of intent about which the Issuer informed in current reports No. 42/2021 of 29 December 2021 and No. 75/2020 of 2 November 2020.