Current reports
Current report no. 66/2020
Transfer of rights and obligations - Contract for the construction of 70 MWp photovoltaic farm in Brudzew
Legal basis:
Art. 17 item 1 MAR – inside information
Contents of the report:
With reference to the Current Report 44/2020, published on September 23, 2020, informing about the signing of a contract for the construction of 70 MWp photovoltaic farm ("Contract") Zespół Elektrowni Pątnów-Adamów-Konin SA ("Company", "ZE PAK SA ”), informs that on December 22, 2020, the Company transferred to PAK-PCE Fotowoltaika Sp. z o.o. (a subsidiary of the Company) all its rights and obligations under the Contract. Due to the above, as of December 22, 2020, PAK-PCE Fotowoltaika Sp. z o.o. becomes a party to the Contract in place of ZE PAK SA.
ZE PAK SA and PAK-PCE Fotowoltaika Sp. z o.o. determined the price for the assignment of rights and obligations at a gross amount of PLN 16.1 million ("Assignment Price"). The price for the Assignment has been calculated as the total amount of expenditure and remuneration for the Company's activities related to the preparation and implementation of the project until the transfer of rights and obligations. The claim for the Assignment Price was brought by the Company to PAK-PCE Fotowoltaika Sp. z o.o. as an in-kind contribution. On December 22, 2020, PAK-PCE Fotowoltaika Sp. z o.o., the real estate on which the construction of the photovoltaic farm is to be constructed was also contributed in kind.
PAK-PCE Fotowoltaika Sp. z o.o. is a special purpose vehicle established specifically to implement the construction of a photovoltaic farm in Brudzew. ZE PAK SA Group intends to implement new projects in the field of energy production from renewable sources in separate special purpose vehicles, the activity of which is not related to the production of energy from conventional sources. Ultimately, the intention of ZE PAK SA is to contribute shares in PAK-PCE Fotowoltaika Sp. z o.o. to a subsidiary of ZE PAK SA, i.e. PAK Polska Czysta Energia Sp. z o.o. This structure of the implementation of new investment projects is a consequence of the Company's earlier declarations in this respect and dictated by, among others the possibility of obtaining financing for new projects.
Signatures of persons representing the Company:
Piotr Woźny – President of the Management Board
Maciej Nietopiel – Vice President of the Management Board