The Management Board of the company Polenergia S.A. (“Issuer“), acting pursuant to Article 17(1) and 17(4) of the Regulation (EU) No. 596/2014 of the European Parliament and of the Council on market abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (“MAR Regulation“), hereby provides the following postponed inside information on the adoption by the Issuer’s Management Board of a resolution related to the implementation of the offshore wind farm projects MFW Bałtyk II and MFW Bałtyk III.
Content of postponed inside information:
“The Management Board of the company Polenergia S.A. (“Issuer“) announces that on 6 May 2025, it adopted a resolution on the decision to implement the investment project to build offshore wind farms MFW Bałtyk II and MFW Bałtyk III and on the planned voting by the Issuer as a shareholder of the companies MFW Bałtyk II sp. z o.o. and MFW Bałtyk III sp. z o.o. (“Project Companies“) in favor of adopting shareholders’ resolutions of the Project Companies on making Final Investment Decisions triggering the construction phase of Bałtyk II and Bałtyk III offshore wind farms with an intended maximum capacity of 720 MW each (“FID“) and on the approval of budgets and development plans for the abovementioned projects for the construction phase (collectively “Business Plan“).
According to the Business Plan that the Project Companies’ shareholders intend to approve, completion and commissioning of the projects should take place in the first half of 2028 for Bałtyk III and in the second half of 2028 for Bałtyk III. The first power generation from both projects is planned for 2027.
In addition, as projected in the Business Plan, the total capital expenditures and operating expenses in the construction phase (excluding financing costs during construction) will reach ca. EUR 3.2 billion for MFW Bałtyk II and ca. EUR 3.2 billion for MFW Bałtyk III.
In the resolution, the Management Board also applied to the Supervisory Board for approval of the investment project involving the construction of offshore wind farms Bałtyk II and Bałtyk III for the Issuer, as a shareholder of the Project Companies, to vote in favor of the resolutions on the adoption of the FID and approval of the Business Plan.”
Further information:
On 6 May 2025, the Issuer decided to postpone the release of the aforementioned inside information to the public until the shareholders of the Project Companies passed resolutions on the adoption of the FID and approval of the Business Plan, which took place on 19 May 2025, which was communicated by the Issuer in current report No. 29/2025 dated 19 May 2025.
In accordance with the wording of the third paragraph of Article 17(4) of the MAR Regulation, promptly after the publication of this report, the Issuer shall inform the Financial Supervision Commission of the postponement of disclosure of inside information, together with a statement of meeting the prerequisites for such postponement.
Legal basis: Article 17(1) and 17(4) of the MAR Regulation.
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