Go back

PGE acquires wind farms from Dong Energy

  • No. of the report: 63/2013
  • Report date: 28.06.2013
  • Report legal ground: Art. 56 section 1 p. 1 of Act on Public Offering – confidential information

Contents of the report

The Management Board of PGE Polska Grupa Energetyczna S.A. (“PGE”) discloses that PGE and Energa Hydro sp. z o.o. (subsidiary of Energa S.A.) concluded with Dong Energy Wind Power A/S („DONG Energy”) on June 28, 2013 acquisition agreement of shares in companies operating wind farms and developing portfolios of wind farms in Poland.

Concluding of the abovementioned agreement results from conditional agreement concluded on Februrary 19, 2013 and a further approval for concentration issued by the President of the Office of Competition and Consumer Protection dated June 4, 2013 which PGE informed in current reports respectively no 12/2013 dated February 19, 2013 and no 45/2013 dated June 4, 2013.

On the grounds of the concluded agreement with Dong Energy, PGE acquired operating wind farms in Karnice of 30 MW installed capacity and Jagniatkowo of 30.5 MW installed capacity with contracted off-take of electricity and certificates, respectively for Karnice wind farm until end of 2020 and for Jagniatkowo wind farm until end of 2017. Production of electricity in both wind farms amounted to 146 GWh in 2012 year.

Additionally, PGE acquired a portfolio of projects of total 555 MW installed capacity, including 130 MW in the advanced stage of development, which commissioning is expected gradually over years of 2014-2016. Expected commissioning of the remaining portfolio is scheduled for years 2017-2018.

Transaction value (Enterprise Value) for assets acquired by PGE amounts to approx. PLN 683 million.

The acquisition of wind farms remains in line with the strategic development of PGE Capital Group in on-shore wind energy and strengthening of key competences in project management in this field. Transaction includes takeover of DONG Energy employees in Poland, who will significantly improve PGE Group’s potential in development of renewables segment.

After transaction with Dong Energy installed capacity in wind in PGE generation portfolio increases from 138 MW to approx. 198.5 MW.
gkpge_relacjeInwestorskie_site