CYFROWY POLSAT S.A. Polsat Plus Group and ZE PAK jointly invest in Poland's largest planned wind farm project with total connected capacity of about 500 MW
Polsat Plus Group and ZE PAK have made a joint investment in acquiring all the shares in the companies implementing a wind power complex project with a total connected power of approximately 500 MW. This is the largest planned onshore wind farm complex in Poland. ZE PAK will acquire 99% of the shares and Polsat Plus Group 1%, with the possibility of increasing its stake in the project. In addition, agreements will be concluded to develop the project to the construction stage by the end of 2030.
PAK-Polska Czysta Energia sp. z o.o., a member of Polsat Plus Group, and ZE PAK S.A. have made a joint investment by acquiring shares in project companies of Goalscreen Holdings Limited: Energia Przykona sp. z o.o. and Neo Energia Przykona X sp. z o.o.. These companies are implementing a project for a cluster of wind power plants in the Opole province with a total connected generation capacity of approximately 500 MW.
"We are very pleased to enter, together with ZE PAK, into a new wind project. Our share as Polsat Plus Group is small, but it is important for us to be present in this project and to be able to increase our participation if necessary. The project already has a preliminary design, is in the early stages of development and we expect it to be ready for construction latest in 2030. The scale of the project is best illustrated by the fact that the project will have a capacity of 500 MW, while the largest wind farm farm currently operating in Poland has a capacity of about 220 MW," said Maciej Stec, Vice President of the Management Board for Strategy at Polsat Plus Group.
"The wind project near Opole is a unique undertaking that fits perfectly into the transformation strategy of ZE PAK Group, according to which we intend to completely abandon fossil energy production" says Piotr Woźny, CEO of ZE PAK S.A. "This project has great potential, but it is still in the early stages of development. Therefore, our first focus will be on completing the necessary documentation and obtaining permits to determine the final parameters and start construction, so that the project will be ready to commence construction latest in 2030".
"This project will be a perfect complement to Polsat Plus Group's existing and under development renewable energy assets. By participating in this unique venture, we will strengthen our position as a producer of environmentally friendly, green energy and be even more effective in achieving our ESG goals related to the decarbonization of our Group and the Polish economy," adds Maciej Stec.
About the project
PAK-Polska Czysta Energia (PAK PCE) acquired 1% of the share capital of the project companies, while 99% of the shares were acquired by ZE PAK, with the total payments in connection with the acquisition of the shares to be no more than EUR 1.2 million for PAK-PCE and no more than EUR 110 million for ZE PAK, respectively. The amount for the acquisition of the shares will be paid in installments as the project progresses and the final amount will depend on the final parameters of the project. In addition, the sellers and the purchasers have entered into an agreement providing for the right to sell or repurchase the shares in the project companies in the event that the project does not achieve certain parameters.
At the same time, PAK PCE and ZE PAK signed a document setting out the main terms of the future shareholders' agreement (term sheet), which, among others, grants PAK PCE the right to increase its shareholding in the project companies and to monitor the implementation of the project on an ongoing basis by participating in the supervisory boards of these companies.
Polsat Plus Group and ZE PAK will aim to have the project in ready-to-build status by December 31, 2030. For that purpose, project development agreements will be entered into between the project companies and Energia Opole sp. z o.o. (a company of Neo Energy Group ), under which activities will be carried out, in particular to obtain full title to the land on which the wind farm is to be built, as well as permits enabling its construction to commence. Payments under project development agreements will depend on the completion of certain project phases, the total amount of which will depend on the final parameters of the wind farm, in particular on the power generated, and is estimated to be a maximum of EUR 160 million. For subsequent phases, the project companies will enter into both further project development agreements and agreements for the construction of renewable energy wind farm units.
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Cyfrowy Polsat SA published this content on 27 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 June 2024 12:58:29 UTC.
