Current reports

Current reports

Current reports

Current report no. 9/2021

Conclusion of a loan agreement for financing the project of construction of a photovoltaic farm with an installed capacity of 70MWp in Brudzew


Legal basis:

Art. 17 item 1 MAR – inside information


Contents of the report:

Zespół Elektrowni Pątnów-Adamów-Konin SA („Company”) informs that on March 12, 2021, PAK PCE Fotowoltaika Sp. z o.o. (a subsidiary of the Company) ("Borrower") concluded a loan agreement ("Agreement") with a consortium of banks composed of: PKO BP SA (in the role of the Loan Agent and Security Agent), Bank Pekao SA and mBank SA, under which, a loan will be made available to the Borrower in the total amount of up to PLN 175 million, of which the investment loan is PLN 138 million, and the loan for VAT financing is PLN 37 million ("Loan"), intended for financing the investment project. The aim of the project is to build a photovoltaic farm with a target installed capacity of 70 MWp located in the commune of Brudzew, in the Turek poviat, in Wielkopolskie voivodship ("Farm"). The Farm construction project is carried out by the Borrower on areas previously used for mining activities.

The contractors of the Farm are the consortium of Esoleo Sp. z o.o. and PAK Serwis Sp. z o.o. The completion of the construction of the Farm is planned for the fourth quarter of 2021.

Pursuant to the Agreement, the Borrower undertook to contribute its own share from its own funds, in the amount of not less than PLN 51 million. The Borrower is obliged to repay the Loan with interest and other amounts due under the terms of the Agreement, with the full repayment of the Loan by December 31, 2035.

In order to secure the repayment of receivables under the Loan Agreement, collaterals required by the Loan Agreement were established, i.e. mortgage on the indicated real estate, financial and registered pledge on shares in PAK-PCE Fotowoltaika Sp. z o.o., financial and registration pledge on bank accounts and power of attorney to each of the above-mentioned bank accounts, registered pledge on the company's assets, assignment of contracts constituting essential documentation of the project (general contracting contracts (EPC), service contracts (O&M), contracts for the sale of electricity (PPA)), assignment of insurance policies and the statements of PAK-PCE Fotowoltaika Sp. z o.o. and the Company to submit to enforcement pursuant to Art. 777 § 1 point 5 and 6 of the Code of Civil Procedure.

As part of the structure of the agreements accompanying the Loan Agreement, there has been signed the so-called Support Agreement under which ZE PAK SA acts as a guarantor in the event of, inter alia, exceeding the project costs during the construction period, subcontractors' claims, shortage of funds required to service the debt and complete the Project.


The interest rate applicable to each use of the Credit is equal to the annual interest rate, which is the sum of the margin specified in the Agreement and the relevant WIBOR rate. The Borrower undertook to secure the interest rate at a fixed level for at least half of the Loan amount to be repaid.

The Bank is entitled to commissions for granting the loan, the amount of which has been set at a level not deviating from market rates. 

The other obligations of the Borrower under the Agreement do not differ from those commonly used in similar loan transactions, in particular with regard to maintaining selected financial ratios at the level specified in the Agreement.



Signatures of persons representing the Company:

Piotr Woźny – President of the Management Board

Maciej Nietopiel – Vice President of the Management Board