Orlen and Energa agree construction of Ostrołęka gas power plant

Orlen and Energa, controlled by the oil giant Orlen, have announced that an agreement has been reached regarding shares in a special purpose vehicle and financing the construction of a gas power plant in Ostrołęka. It will be built in the place where the demolition of the previously started construction of a coal block is currently underway.

The agreement signed by Energa and Orlen stipulates that out of the pool of 51 percent shares in the special purpose vehicle CCGT Ostrołęka sp.z o.o. 50 percent plus one will be controlled by Energa, and the others by Orlen 49 percent of shares will go to PGNiG. CCGT Ostrołęka sp.z o.o. will be responsible for carrying out administrative activities, substantive and organizational supervision and all arrangements with PGNIG, except for those relating to the financing of the project. The new power plant will be built instead of a coal-fired unit, in which PLN 1.3 billion was invested, and its demolition is currently underway (the decision was made after Energa was taken over by Orlen).

In addition, the Orlen-Energa agreement provides that if there is a risk of a breach of financial agreements by the energy company, the oil giant will grant Energa financing up to a maximum amount of PLN 1.55 billion.

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