The Management Board of PGE adopted a resolution on the commencement of the recapitalization process in connection with the planned investment projects in the area of renewable energy, decarbonisation and distribution. The group wants to issue shares and raise funds from investors with an estimated value of approx. PLN 3.2 billion – the company said in a press release.
“We want to intensify the implementation of the ambitious transformation goals set out in the PGE Group’s strategy. This requires additional funds for development. Our goal is to obtain approximately PLN 3.2 billion. We will use the acquired capital to develop capital-intensive investment projects, such as wiring the distribution network, photovoltaic projects, acquisitions of onshore wind farms and solar farms, and low-emission gas sources. We would like our biggest investors to participate in the offer, “said President Wojciech Dąbrowski.
Additional funds that can be obtained from the planned issue of shares are to enable PGE to adapt to “regulatory changes and the changing market environment”.
The draft resolution at the Extraordinary General Meeting of Shareholders provides for a reduction in the share capital by reducing the nominal value of shares with a simultaneous increase in the share capital by issuing series E shares. The share capital will be increased through private subscription, excluding subscription rights.