PKN Orlen has an agreement with Energa regarding the financing of the construction of CCGT Gdańsk

PKN Orlen has concluded an agreement with Energa – its subsidiary – on financing the construction of a gas and steam power plant (CCGT) in Gdańsk, the company said. If an investment decision is made, PKN Orlen undertook to cover the entire investment expenditure related to the implementation of the project, but not more than PLN 2.5 billion, with the financing provided by PKN Orlen exceeding the financing provided by Energa.
“PKN Orlen may withdraw from the agreement if CCGT Gdańsk Sp. z o.o. (the special purpose vehicle implementing the Project) of the capacity agreement ”- stipulated in the announcement.

The capital expenditure will be covered by providing funds to Energa or CCGT Gdańsk for equity or on the basis of debt financing, also explained.

The agreement replaces the letter of intent that was signed on this matter at the end of 2020.

PKN Orlen holds 90.92% of Energa’s shares, which entitle to 93.28% of the total number of votes in this company, and Energa holds 100% of the shares of CCGT Gdańsk.

The PKN Orlen Group manages six refineries in Poland, the Czech Republic and Lithuania, and is also active in Poland and Canada. Its consolidated sales revenues reached PLN 131.5 billion in 2021. The company has been listed on the WSE since 1999.

PKN Orlen has concluded an agreement with Energa – its subsidiary – on financing the construction of a gas and steam power plant (CCGT) in Gdańsk, the company said. If an investment decision is made, PKN Orlen undertook to cover the entire investment expenditure related to the implementation of the project, but not more than PLN 2.5 billion, with the financing provided by PKN Orlen exceeding the financing provided by Energa.
“PKN Orlen may withdraw from the agreement if CCGT Gdańsk Sp. z o.o. (the special purpose vehicle implementing the Project) of the capacity agreement ”- stipulated in the announcement.

The capital expenditure will be covered by providing funds to Energa or CCGT Gdańsk for equity or on the basis of debt financing, also explained.

The agreement replaces the letter of intent that was signed on this matter at the end of 2020.

PKN Orlen holds 90.92% of Energa’s shares, which entitle to 93.28% of the total number of votes in this company, and Energa holds 100% of the shares of CCGT Gdańsk.

The PKN Orlen Group manages six refineries in Poland, the Czech Republic and Lithuania, and is also active in Poland and Canada. Its consolidated sales revenues reached PLN 131.5 billion in 2021. The company has been listed on the WSE since 1999.

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