In reference to Current Report No. 17/2013, Polish Energy Partners S.A. (‘Company’) hereby announces that on 29th July 2014 the Company (as the so-called sponsor) and its subsidiaries (as borrowers): (i) Grupa PEP – Farma Wiatrowa 1 Spółka z ograniczoną odpowiedzialnością (‘GPFW1’), (ii) Grupa PEP – Farma Wiatrowa 4 Spółka z ograniczoną odpowiedzialnością (‘GPFW4’), (iii) Grupa PEP – Farma Wiatrowa 6 Spółka z ograniczoną odpowiedzialnością (‘GPFW6’), and European Bank for Reconstruction and Development (‘EBRD’) and Bank Ochrony Środowiska (‘BOŚ’) signed the documents (‘Documents’) on BOŚ joining the credit facility agreement of 4th October 2013 (‘Agreement’).
Pursuant to the Documents signed, GPFW4 will be granted by EBRD and BOŚ a credit facility for construction of Skurpie Wind Farm of 36.8 MW capacity in the amount of not more than PLN 271.4 million. Making the funds available is subject to the fulfillment of the suspensive conditions by the borrowers and the Company.
The Documents provide for the repayment period of the above-mentioned credit until June 2029. The interest rate is equal to WIBOR plus the bank margin.
Furthermore, on 29th July 2014 GPFW4 and BOŚ executed a VAT credit facility agreement (‘VAT Agreement’). Pursuant to the VAT Agreement, GPFW4 will be granted by BOŚ a credit facility for financing the tax on goods and services paid by GPFW4 in connection with the construction of Skurpie Wind Farm in the total amount of not more than PLN 25 million. The credit was granted for a period of 24 months. The interest rate is equal to WIBOR plus the bank margin.
Since the value of the Documents and VAT Agreement exceeds 10% of the Company equities, they were classified as the material ones.
Skurpie Wind Farm financing is the key part of the strategy of the Company aiming at starting-up of the additional 380 MW of onshore wind farms, which will result in the operating wind portfolio of about 460 MW by the end of 2016.