Signing a loan agreement for financing the construction of CCGT power plant in Ostrołęka
Belongs to:
- Current reports
Current report No. 18/2023
Date: 29 June 2023
Subject: Signing a loan agreement for financing the construction of CCGT power plant in Ostrołęka
Legal basis: Article 17 (1) of MAR - inside information
The Management Board of Energa SA ("Issuer") informs that on 29 June 2023 the subsidiary
CCGT Ostrołęka Sp. z o.o. ("Borrower") signed a loan agreement for financing the construction of a 745 MWe net gas-fired combined cycle gas turbine (CCGT) power plant in Ostrołęka and the operating activity of the Borrower ("Agreement"). The Agreement was signed with the consortium of the following Polish and foreign financial institutions: Bank Gospodarstwa Krajowego, Alior Bank SA, Bank Polska Kasa Opieki SA (in the role of the Facility Agent and Security Agent), KfW IPEX-Bank GmbH and Erste Group Bank AG.
The purpose of the Agreement is to grant the Borrower financial funds in the total amount of PLN 2.64 billion, of which PLN 2.45 billion is a term investment loan, while the remaining part is two revolving loans for the Borrower's operating activities and VAT financing during the construction of the power plant (hereinafter collectively "Loan_quot;). According to the Agreement, the Borrower is obliged to repay the funds from the Loan together with interest and other amounts due under the terms of the Agreement, while the repayment of the funds under the term loan should take place by 15 December 2036. The interest rate for the Loan has been set on market terms based on the WIBOR rate plus margin. The Loan is secured, among others, by a mortgage on the Borrower's real estate.
At the same time, the Issuer informs that the Agreement will be accompanied by a number of additional documents specifying, among others, priority in the order of satisfaction of the financing parties' claims.
The loan will be disbursed after fulfilment of the conditions precedent specified in the Agreement.
The funds obtained from the Loan will constitute another long-term source of financing for the Energa Capital Group and will strengthen its financial stability.