Current reports
Current report no. 3/2022
Decision made by the subsidiary of ZE PAK SA i.e. PAK-Polska Czysta Energia sp. z.o.o. on taking out a loan and granting loans to project companies in order to implement a wind project
Legal basis:
Art. 17 sec. 4 MAR - inside information
Contents of the report:
The Management Board of ZE PAK SA (“Company”) with references to the Company’s current report no. 32/2021 of December 23, 2021, regarding the acquisition of a project to build wind farm in the commune of Miłosław, informs that PAK-Polska Czysta Energia sp. z.o.o. based in Konin (a subsidiary of the Company) (“PAK-PCE”) decided to (i) conclude a loan agreement between PAK-PCE as the borrower and Cyfrowy Polsat SA based in Warsaw as the lender (“Lender”) (“Loan Agreement 1”), (ii) conclude a loan agreement between PAK-PCE as the lender and Park Wiatrowy Pałczyn 1 sp. z.o.o. based in Szczecin as the borrower (“Project Company 1”) (“Loan Agreement”), and (iii) conclude a loan agreement between PAK-PCE as the lender and Park Wiatrowy Pałczyn 2 sp. z.o.o. based in Szczecin as the borrower (“Project Company 2”) (“Loan Agreement”).
Loan Agreement 1, Loan Agreement 2 and Loan Agreement 3 („Loan Agreements”) will be concluded in order to enable the financing of an investment project consisting in the implementation of RES (Renewable Energy Sources) installations in the form of four wind farms within the commune of Miłosław, Września county, Wielkopolskie voivodship (“Investment Project”).
The amount of the loan that may be taken out by PAK-PCE under the Loan Agreement 1 is a maximum of PLN 69,600,000 (sixty-nine million six hundred thousand zlotys), which will satisfy the needs of financing of all expenses, spread over time, related to long-term Investment Project. At the same time, the intention of PAK-PCE is to obtain alternative methods of financing the Investment Project in order to minimize the amount of debt incurred under the Loan Agreements.
On the basis of the Loan Agreement 2 and Loan Agreement 3, PAK-PCE will grant Project Company 1 and Project Company 2 loans in the amount not exceeding PLN 59,100,000 (fifty-nine million one hundred thousand zlotys) and PLN 10,500,000 (ten million five hundred thousand zlotys), respectively.
The Loan Agreements provide that loans may be taken out in PLN or EUR by PAK-PCE, Project Company 1 and Project Company 2, respectively, on the terms specified in accordance with the demand resulting from the schedule of the Investment Loan while at the same time the Loan Agreements provide borrowers with the possibility to obtain alternative forms of financing the Investment Project and potential early repayment of loans granted on the basis of the Loan Agreements. The interest rate on the loans is variable, based on the WIBOR rate.
Legal basis: Art. 17 sec. 1 and 4 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6 / EC of the European Parliament and of the Council and Commission directives 2003/124 / EC, 2003/125 / EC and 2004/72 / EC and art. 70 item 1 of the Act of July 29, 2005 on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organized Trading, and Public Companies
Signatures of persons representing the Company:
Piotr Woźny - President of the Management Board
Maciej Nietopiel - Vice President of the Management Board