Current reports
Current report no. 23/2023
Consents of the supervisory bodies regarding the construction of CCGT unit in Adamów
Legal basis:
Art. 17 sec. 1 and 4 MAR – inside information
Contents of the report:
The Management Board of ZE PAK SA („Company”), in relations to the current report no. 22/2023 dated November 20, 2023 regarding the disclosure of delayed inside information on the conclusion of the agreement by the subsidiary of the Company – PAK CCGT sp. z o.o. with consortium consisting of: Siemens Energy Global GmbH&Co. KG based in Germany (Consortium Leader), Siemens Energy sp. z o.o. based in Warsaw and Mytilineos S.A. with its registered office in Greece (together as “General Contractor”, “Consortium”) for "Construction of a 600 MWe class CCGT unit with associated infrastructure at Adamów power plant" ("EPC Agreement", “Project”) for the estimated amount of approx. PLN 2.3 billion and a long-term LTSA service agreement for the 600 Mwe class CCGT unit ("LTSA Agreement") concluded with Siemens Energy sp. z o. o. for a period of 12 years from the date of commissioning of the CCGT unit, informs that on November 20, 2023, the Supervisory Board of PAK CCGT sp. z o.o. gave a consent to conduct the procedure of the contract launch (“Notice to Proceed”) and to pay Consortium an advance payment of 20% of EPC Agreement by PAK CCGT sp. z o.o.
At the same time, also on November 20, 2023, the Supervisory Board of ZE PAK SA granted consent to increase the share capital and supplementary capital of PAK CCGT sp. z o. o., by a total of PLN 408.1 million, and to grant a loan to this company by ZE PAK SA in the amount up to PLN 280 million.
The Supervisory Board of ZE PAK SA also consented to the Company issuing a surety under the EPC Agreement.
Formal consents issued by the Supervisory Boards of ZE PAK SA and PAK CCGT sp. z o.o. are the last formal elements enabling the commencement of the implementation of the EPC Agreement.
The planned unit will be designed and constructed by the General Contractor as a single-shaft unit: with one SGT4 4000F gas turbine, SGEN5-3000W generator, recovery boiler (HRSG), SST5-5000 condensing steam turbine set and a wet fan cooling tower. The project will be implemented on a turnkey basis, covering all works, including: design, obtaining selected administrative decisions on behalf of the ordering party, deliveries, construction works, assembly, staff training, commissioning, test run, putting the power plant into operation and providing warranty services within 2 years of putting the power plant into operation. The project implementation schedule assumes the commencement of construction works in 2023, and the power plant will be put into operation at the turn of 2026/2027.
In December 2021, CCGT sp. z o.o. concluded a 17-year contract with the Transmission Network Operator within the capacity market with a capacity obligation of 493 MW, with the first year of delivery falling in 2026, about which the Company informed in current report No. 29/2021 of December 20, 2021.
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