Current reports

Current reports

Current reports

Current report no. 34/2022

Conclusion of security documents related to the loan agreement and conclusion of a power purchase agreement (PPA) 


Legal basis:

Art. 17 sec. 1 MAR – inside information


Contents of the report:

In reference to the current report 31/2022 of September 20, 2022, ZE PAK SA ("Company") informs that on October 4, 2022, Farma Wiatrowa Kazimierz Biskupi sp. z o.o. based in Konin ("Farma Kazimierz"), an indirect subsidiary of the Company, concluded security documents in connection with the loan agreement signed with Bank Gospodarstwa Krajowego ("Bank") on September 20, 2022 ("Loan Agreement").


PAK-Polska Czysta Energia sp. z o.o. („PAK-PCE”), a subsidiary of the Company established for the Bank (i) a financial and registered pledge (subject to its registration) on all shares in the share capital of Farma Kazimierz together with a power of attorney to exercise corporate rights attached to such shares.


In addition, Farma Kazimierz established (ii) financial and registered pledges (subject to their registration) on receivables under the bank account agreements of Farma Kazimierz, (iii) registered pledge (subject to registration) on a set of items and property rights belonging to Farma Kazimierz . Farma Kazimierz made a security transfer for the benefit of the Bank of its rights and receivables from, inter alia, electricity sales contracts, contracts for construction works and loan agreements. Farma Kazimierz and PAK-PCE also concluded a debt subordination agreement with the Bank, according to which PAK-PCE's claims towards Farma Kazimierz were subordinated to the Bank's claims under the Loan Agreement. Moreover, Farma Kazimierz granted a power of attorney to the Bank to manage its bank accounts. Farma Kazimierz and PAK-PCE will also submit declarations of submission to enforcement pursuant to Art. 777 of the Code of Civil Procedure.


As a security, a guarantee agreement was also concluded for the exceeded costs of the project implemented by Farma Kazimierz, according to which, among others, the Company undertook to provide financing to cover the exceeded project costs up to the amount of PLN 13.5 million.


Farma Kazimierz has also concluded a direct agreement with Polkomtel sp. z o.o. and a power purchase agreement ("PPA Agreement"). The PPA agreement concerns the sale of electricity and guarantees of origin for electricity produced by Farma Kazimierz.


The PPA Agreement was signed for a period of 15 years. The total planned volume of electricity sales under the PPA Agreement applies to the entire volume produced in this period by Farma Kazimierz. The production volume of Farma Kazimierz throughout the entire period of operation will depend mainly on the wind conditions and the degree of productivity of the installed devices. The produced electricity will be sold at a fixed price, indexed by the annual inflation rate. The total estimated sum of sales revenues under the PPA Agreement over a period of 15 years will amount to approximately PLN 360 million.


Both parties of the PPA Agreement have been adequately secured, also in the event of no electricity production by Farm Kazimierz as well as no payment for the electricity supplied by Farm Kazimierz. The provisions of the PPA Agreement also comprehensively regulate issues related to, inter alia, energy production planning and responsibility for commercial balancing of Farma Kazimierz.




Signatures of persons representing the Company:

Piotr Woźny – President of the Management Board

Maciej Nietopiel – Vice President of the Management Board

Andrzej Janiszowski – Vice President of the Management Board