Current reports
Current report no. 15/2025
Signing of a document related to the financing of the investment project for the construction of a CCGT gas unit
Legal basis:
Art. 17 sec. 1 of MAR - inside information
Content of the report:
With reference to the current report no. 13/2025 of July 1, 2025 regarding the update of information on the signing of a term sheet with PGE SA on the potential disposal of shares in PAK CCGT Sp. z o.o. ("Project Company"), in which ZE PAK SA ("Company") informed about the focus on independent implementation of the project to build the 561 MW CCGT unit with accompanying infrastructure ("CCGT Unit") based on other sources of financing,
the Company informs that on 18 July 2025 the Company's subsidiary, the Project Company and EIG Global Energy (Europe) Limited ("Investor") signed a Mandate Letter, which includes a non-binding term sheet ("Mandate Letter"), setting out the proposed initial terms and conditions for the Investor to provide structurally subordinated financing and providing the Investor with temporary exclusivity in further analyses and negotiations of structurally subordinated financing (as part of the specified in the Mandate Letter agreement) in connection with the ongoing investment project of the CCGT Unit ("Construction of the CCGT Unit").
In accordance with the provisions of the Mandate Letter, the Investor and the Company will take reasonable steps to negotiate, conclude and execute a financing transaction in the form of structurally subordinated debt ("junior debt") in the expected amount of not less than EUR 100 million and not more than EUR 200 million, assuming that the total value of external financing obtained for the implementation of the CCGT Unit will not exceed EUR 625 million. The intention of obtaining junior debt financing is to structurally complement the non-subordinated financing within the total costs of the project.
At the same time, the Company informs that it continues the process of obtaining various forms of financing, including subordinated debt to finance the Construction of the CCGT Unit.
Signatures of persons representing the company:
Andrzej Janiszowski – President of the Management Board
Maciej Nietopiel – Vice President of the Management Board
Katarzyna Sobierajska – Vice President of the Management Board