PGE acquires wind farms from Iberdrola in Poland
75/2013
31.07.2013 12:38
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 on July 31, 2013 PGE and Energa Hydro sp. z o.o. (subsidiary of Energa S.A.) concluded respectively with Iberdrola Renovables Energía, S.A.U. ("Iberdrola") and European Bank for Reconstruction and Development (“EBRD”) two agreements for the acquisition of 100% shares in Iberdrola Renewables Polska Sp. z o.o. - a company operating wind farms in Poland.
Conclusion of the above mentioned agreements results from the conditional agreements concluded on February 26, 2013 with Iberdrola and on June 21, 2013 with EBRD followed by approval for concentration issued by the President of the Office of Competition and Consumer Protection dated June 4, 2013 which PGE disclosed in current reports respectively no. 17/2013 dated February 26, 2013, no. 52/2013 dated June 21, 2013 and no. 45/2013 dated June 4, 2013.
On the grounds of the concluded agreements with Iberdrola and EBRD, PGE acquired three operating wind farms with total installed capacity of 70.5 MW, including 40.5 MW in Warmian-Masurian Voivodeship, 18 MW in Pomeranian Voivodeship and 12 MW in Podkarpackie Voivodeship with contracted off-take of electricity and certificates until 2029. Production of electricity in acquired wind farms amounted to 143 GWh in 2012.
Additionally, PGE acquired two projects in the advanced stage of development of 36 MW which commissioning is expected over years of 2014-2016.
Transaction value (Enterprise Value) for Iberdrola Renewables Polska Sp. z o.o. assets acquired by PGE amounts to approx. PLN 366 million.
Acquisition of Iberdrola Renewables Polska Sp. z o.o. wind farms is a further step of strategic development of PGE Capital Group in on-shore wind energy and strengthening key competences in project management in this field after recent acquisition of wind farms from DONG Energy A/S. Transaction includes takeover of part of Iberdrola Renewables Polska Sp. z o.o. employees in Poland.
After this transaction installed capacity in wind in PGE generation portfolio increases from 198.5 MW to 269 MW.
Conclusion of the above mentioned agreements results from the conditional agreements concluded on February 26, 2013 with Iberdrola and on June 21, 2013 with EBRD followed by approval for concentration issued by the President of the Office of Competition and Consumer Protection dated June 4, 2013 which PGE disclosed in current reports respectively no. 17/2013 dated February 26, 2013, no. 52/2013 dated June 21, 2013 and no. 45/2013 dated June 4, 2013.
On the grounds of the concluded agreements with Iberdrola and EBRD, PGE acquired three operating wind farms with total installed capacity of 70.5 MW, including 40.5 MW in Warmian-Masurian Voivodeship, 18 MW in Pomeranian Voivodeship and 12 MW in Podkarpackie Voivodeship with contracted off-take of electricity and certificates until 2029. Production of electricity in acquired wind farms amounted to 143 GWh in 2012.
Additionally, PGE acquired two projects in the advanced stage of development of 36 MW which commissioning is expected over years of 2014-2016.
Transaction value (Enterprise Value) for Iberdrola Renewables Polska Sp. z o.o. assets acquired by PGE amounts to approx. PLN 366 million.
Acquisition of Iberdrola Renewables Polska Sp. z o.o. wind farms is a further step of strategic development of PGE Capital Group in on-shore wind energy and strengthening key competences in project management in this field after recent acquisition of wind farms from DONG Energy A/S. Transaction includes takeover of part of Iberdrola Renewables Polska Sp. z o.o. employees in Poland.
After this transaction installed capacity in wind in PGE generation portfolio increases from 198.5 MW to 269 MW.
Signatures of persons representing the company
| Date | Name | Position and function |
|---|---|---|
| 2013-07-31 14:38:58 | Krzysztof Kilian | President of the Management Board |
| 2013-07-31 14:38:58 | Bogusława Matuszewska | Vice-President of the Management Board |