PGE Polska Grupa Energetyczna S.A. signed agreement on purchase of wind farms from Iberdrola
17/2013
26.02.2013 07:51
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 February 26, 2013 PGE and Energa Hydro Sp. z o.o. (subsidiary of Energa S.A.) signed an agreement with Iberdrola Renovables Energía, S.A.U. on acquisition of 75% of shares in Iberdrola Renewables Polska Sp. z o.o., a company managing wind farms portfolio in Poland. PGE and Energa intend to acquire additional 25% of shares in Iberdrola Renewables Polska Sp. z o.o., that are currently owned by European Bank for Reconstruction and Development (“EBRD”).
On the ground of the agreement PGE will acquire operating wind farms with installed capacity of 70.5 MW, with contracted off-take of electricity and certificates and pipeline of projects with planned capacity of 36 MW at an advanced stage of development. Energa Hydro Sp. z o.o. will acquire wind farms with installed capacity of 114 MW and pipeline of wind projects with planned capacity of approximately 1,146 MW.
The transaction value of the purchase of 75% of shares in Iberdrola Renewables Polska Sp. z o.o. amounts to approximately PLN 840 million, what translates into the transaction value of approximately PLN 1.1 bn for a 100% stake.
The acquisition of wind farms from Iberdrola is a next step in the strategic development of PGE Capital Group in on-shore wind energy after the acquisition of wind farms from DONG Energy A/S. Transaction also includes takeover of part of Iberdrola Renewables employees in Poland.
It is assumed that the transaction will be finalised within the next few months of 2013. Transaction is subject to approval for concentration from the Office of Competition and Consumer Protection.
Legal ground: Art. 56 section 1 point 1 of the Act on public offering, conditions governing the introduction of financial instruments to organised trading, and public companies (Dziennik Ustaw of 2009 no 185, item 1439, as amended).
On the ground of the agreement PGE will acquire operating wind farms with installed capacity of 70.5 MW, with contracted off-take of electricity and certificates and pipeline of projects with planned capacity of 36 MW at an advanced stage of development. Energa Hydro Sp. z o.o. will acquire wind farms with installed capacity of 114 MW and pipeline of wind projects with planned capacity of approximately 1,146 MW.
The transaction value of the purchase of 75% of shares in Iberdrola Renewables Polska Sp. z o.o. amounts to approximately PLN 840 million, what translates into the transaction value of approximately PLN 1.1 bn for a 100% stake.
The acquisition of wind farms from Iberdrola is a next step in the strategic development of PGE Capital Group in on-shore wind energy after the acquisition of wind farms from DONG Energy A/S. Transaction also includes takeover of part of Iberdrola Renewables employees in Poland.
It is assumed that the transaction will be finalised within the next few months of 2013. Transaction is subject to approval for concentration from the Office of Competition and Consumer Protection.
Legal ground: Art. 56 section 1 point 1 of the Act on public offering, conditions governing the introduction of financial instruments to organised trading, and public companies (Dziennik Ustaw of 2009 no 185, item 1439, as amended).
Signatures of persons representing the company
| Date | Name | Position and function |
|---|---|---|
| 2013-02-26 08:51:31 | Krzysztof Kilian | President of the Management Board |
| 2013-02-26 08:51:31 | Bogusława Matuszewska | Vice-President of the Management Board |