Current reports
Current report no. 21/2022
Acquisition of a wind project by the subsidiary of ZE PAK SA, i.e. PAK-Polska Czysta Energia sp. z o.o.
Legal basis:
Art. 17 sec. 1 MAR – inside information
Contents of the report:
The Management Board of ZE PAK SA („Company”) informs that on June 10, 2022, PAK-Polska Czysta Energia sp. z o.o. with its seat in Konin (i.e. subsidiary of the Company) („PAK-PCE”) decided to acquire the shares from Polish Wind Holdings B.V., a company established and operated in accordance with the law of the Kingdom of Netherlands (“Seller”), in the amount of 100% of the shares in the share capital of Great Wind sp. z o.o. based in Warsaw („Project Company”).
PAK-PCE is going to acquire the shares from the Seller („Transaction”) as part of an investment project consisting in the implementation of RES installations („Investment project”).
The Investment Project provides for the construction of a wind farm consisting of 33 (thirty three) wind turbines with a total capacity of 72.6 MW in Człuchów, pomorskie voivodship („Farm”). The wind conditions in this region make it possible to estimate the annual production of the farm at 230 GWh. The project has a complete set of administrative and legal permits allowing for the commencement of construction works on wind turbines. The transaction documentation provides for obtaining a set of administrative and legal permits allowing for the completion of construction works and connection of the Farm to the network. The expected date for launching the Farm is the third quarter of 2024 at the latest. Due to the secured connection capacity, the project has the potential to develop an additional photovoltaic farm with a maximum capacity exceeding 50 MWp. The total estimated capital expenditure related to the acquisition and implementation of the Farm will amount to ca. PLN 725 million.
Człuchów wind farm project is the largest investment project acquired by PAK PCE so far. The scale of wind power planned to be installed in wind projects acquired so far by PAK PCE is growing to over 140 MW.
In order to finance the Investment Project, PAK-PCE intends to conclude a loan agreement between PAK-PCE, as the borrower, and Cyfrowy Polsat S.A. based in Warsaw, as the lender ("Loan Agreement").
The amount of the loan that may be taken by PAK-PCE on the basis of the Loan Agreement will amount to a maximum of PLN 236,400,000 (two hundred thirty six million four hundred thousand zlotys).
The Loan Agreement will provide that the loan may be taken in PLN or EUR by PAK-PCE on the terms specified in the agreement, taking into account the needs resulting from the schedule of the Investment Project, while at the same time, the Loan Agreement will provide for the borrower to obtain alternative forms of financing the Investment Project and the potential early repayment of the loan granted under the Loan Agreement. The interest rate on the loan will be based on a floating rate plus a margin.
Legal basis: Art. 17 sec. 1 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
Signatures of persons representing the Company:
Piotr Woźny – President of the Management Board
Maciej Nietopiel – Vice President of the Management Board