Current reports
Current report no. 16/2023
Making a decision by PAK-Polska Czysta Energia sp. z o. o. on taking out a loan granted by Cyfrowy Polsat SA in order to finance the wind farm construction project
Legal basis:
Art. 17 sec. 1 MAR – inside information
Contents of the report:
Whereas:
- ZE PAK SA seated in Konin („ZE PAK”) is a partner of PAK-Polska Czysta Energia sp. z o.o. seated in Konin („PAK-PCE”), holding 60% of shares representing 60% of the share capital of PAK-PCE;
- Cyfrowy Polsat SA („CP”) and ZE PAK are parties to the preliminary agreement of December 20, 2021, as amended, regarding the purchase of shares in PAK-PCE by CP, representing 67% of the share capital of PAK-PCE, the conclusion of which was announced by the parties in current reports;
- on June 10, 2022, PAK-PCE acquired 100% of shares in the share capital of Great Wind sp. z o.o. ("Project Company") for the construction and operation of a RES installation in the form of a set of 33 wind turbines in Człuchów commune, Człuchów poviat, Pomeranian Voivodeship, with the potential to build a photovoltaic farm as part of the obtained connection capacity of the project ("Investment Project");
- in order to enable the financing of the Investment Project, CP concluded a loan agreement with PAK-PCE of June 10, 2022 for an amount not exceeding PLN 236,400,000.00 and provided a surety for the liabilities of the Project Company under the contract for the supply and installation of wind turbines up to the amount not higher than EUR 96,000,000.00;
The Management Board of ZE PAK informs that the authorities of PAK-PCE and Project Company decided to conclude another loan agreement between CP as the lender and PAK-PCE as the borrower, which provides for CP to grant a loan to PAK-PCE up to an amount not exceeding PLN 175,000,000.00 ("Loan Agreement") and on the conclusion of another loan agreement between PAK-PCE as the lender and Project Company as the borrower, which provides for PAK-PCE to grant a loan to Project Company up to PLN 175,000,000.00 ("Loan Agreement 2").
The Loan Agreement and the Loan Agreement 2 will be concluded in order to finance subsequent payments to be made by the Project Company, i.a. based on contracts with suppliers and contractors, including contract for the supply and installation of wind turbines.
The Loan Agreement and the Loan Agreement 2 stipulate that loans may be taken out in PLN or EUR. At the same time, the Loan Agreement and the Loan Agreement 2 provide for the possibility for PAK-PCE and Project Company to obtain alternative forms of financing the Investment Project as well as a potential early repayment of the loan granted under the Loan Agreement and Loan Agreement 2. The interest rate on the loan is variable, based on WIBOR or EURIBOR, respectively. The financial conditions and other conditions of the Loan Agreement do not differ from market conditions. The loan repayment date was set at 31 December 2025.
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