Polish Energy Partners S.A. („Company”) informs, that as of November 4th, 2013 the Company (as a sponsor) and its subsidiaries (as borrowers): (i) Grupa PEP – Farma Wiatrowa 1 Spółka z ograniczoną odpowiedzialnością („Company 1”), (ii) Grupa PEP – Farma Wiatrowa 4 Spółka z ograniczoną odpowiedzialnością („Company 4”) and (iii) Grupa PEP – Farma Wiatrowa 6 Spółka z ograniczoną odpowiedzialnością („Company 6”) concluded a loan agreement („Agreement”) with European Bank for Reconstruction and Development, („EBRD”).
According to the Agreement EBRD will grant a loan to the the Company 1 and Company 6 for the construction of, respectively, Gawłowice Wind Farm of capacity 41.4 MW and Rajgród Wind Farm of capacity 25.3 MW (jointly Phase I) in the amount not higher than PLN 242.7 million. The loan will be available once conditions precedent are fulfilled by the Company 1, Company 6 and the Company. The conditions precedent relate mostly to establishment of collaterals for the loan (e.g. conclusion of sponsor’s support agreement by the Company).
Moreover, according to the Agreement there is a possibility that EBRD will partially finance, within so called Phase II, construction of Skurpie Wind Farm of capacity 36.8 MW by the Company 4 in the amount not higher than PLN 49.3 million. Additional condition precedent, other than conditions for the Phase I and EBRD’s consent, to make Phase II available is securing the whole financing for that Phase (by other lenders joining the Agreement).
Repayment of the loan is scheduled for September 2028 (Phase I) and March 2030 (Phase II). Interest rate amounts to WIBOR increased by the margin.
Agreement is considered material due to the fact that its value exceeds 10% of the Company’s equity.