Current reports
Current report no. 2/2025
Signing of a term sheet with PGE SA on the potential disposal of shares in PAK CCGT sp. z o.o. and shares in PGE PAK Energia Jądrowa SA
Legal basis:
Art. 17 sec. 1 of MAR - inside information
Content of the report:
ZE PAK SA ("Company") informs that on January 23, 2025 the Company signed a term sheet ("Term Sheet") with PGE Polska Grupa Energetyczna SA ("PGE SA") regarding the potential sale by ZE PAK SA to PGE SA:
- 100% of shares in a special purpose vehicle PAK CCGT sp. z o.o. ("Shares"), which is implementing a project to build a 600 MWe CCGT gas unit with accompanying infrastructure ("CCGT Unit"). The general contractor of the investment is a consortium of Siemens Energy Global GmbH Co KG, Siemens Energy sp. z o.o. and Mytilineos S.A. (the Company informed about the signing of the contract for the construction of the CCGT Unit in current report 22/2023 of November 20, 2023)
and
- 50% of shares in PGE PAK Energia Jądrowa SA ("Shares"). Currently, PGE SA and ZE PAK SA hold 50% each of shares in PGE PAK Energia Jądrowa SA. The activity of PGE PAK Energia Jądrowa SA is focused on the preparation of a project for the construction of a nuclear power plant in Konin region, the company has a Decision in Principle for the construction of a nuclear power plant issued by the Minister of Climate and Environment in November 2023.
In the Term Sheet, the parties agreed on the basic terms and conditions of a possible sale of the Shares and exclusivity for PGE SA to conduct negotiations until June 30, 2025 (planned date of closing the transaction).
The exclusivity described in the sentence above does not apply to the activities carried out by PAK CCGT sp. z o.o. in the field of obtaining financing in the "Project Finance" formula, which will still be continued. The Term Sheet does not oblige the parties to complete the transaction. The detailed terms of the potential transaction will be determined after PGE conducts a due diligence with the participation of external legal, financial and tax and technical and environmental advisors.
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