Signing of a conditional agreement for acquisition of wind farms with a total capacity of 84.2 MW

The Management Board of PGE Polska Grupa Energetyczna S.A. (“PGE”) discloses that on 1 April 2022 PGE Energia Odnawialna S.A. (PGE’s subsidiary) and Vanadium Holdco Limited entered into a conditional sale agreement, under which PGE will acquire 100% of the shares in the capital of Collfield Investments sp. z.o.o. (the “Agreement”), (“Collfield”), a company holding of 100% of the shares in SPVs operating three wind farms with a total capacity of 84.2 MW (the “Transaction”). The condition precedent of the Transaction is obtaining consent of the Office of Competition and Consumer Protection. The closing of the Transaction is planned in the second quarter of 2022. Transaction value will amount to more than PLN 900 million and will be calculated at the Transaction’s closing date, based on certain mechanisms set out in the Agreement. The Transaction value also includes cash in the accounts of Collfield and its subsidiaries.

The Transaction is part of the implementation of the PGE Group's Strategy to 2030, announced on October 19, 2020, which assumes, inter alia, over 1 GW of new capacity in onshore wind farms by 2030, including through acquisitions.