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28/06/2018 06:52

Current report 18/2018

The Management Board of Polenergia S.A. (‘Issuer’), acting pursuant to Art. 17 (1) of the Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse and repealing Directive 2003/6/EC of the European Parliament and the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ L 173, 2014, p. 1, as amended), hereby notifies that on 28th June 2018 the Issuer’s subsidiaries, i.e. Amon Sp. z o.o. seated in Łebcz (‘Amon’) and Talia Sp. z o.o. seated in Łebcz (‘Talia’), agreed on and signed with a consortium of financing banks (Raiffeisen Bank Polska S.A., Bank Zachodni WBK S.A., DNB Bank Polska S.A., Powszechna Kasa Oszczędności Bank Polski S.A.) agreements changing the investment loan agreements of 1st June 2010 which were then concluded regarding the investment of construction of Łukaszów and Modlikowice wind farms with the total capacity of 58 MW.

The purpose of the introduced changes is to stabilize the financial position of Amon and Talia in the long-term horizon by partial prepaying of the loan from funds accumulated on the Debt Service Reserve Account (‘DSRA’), reducing the capital and interest installments specified in the investment loan service schedule and adjusting the established collateral to the currently applicable regulations and the situation of the borrowers.

After the conclusion of the above-mentioned changing agreements and after the prepayment from DSRA provided for in the documents, the amount payable is approx. PLN 179 million. The financial documents provide for the investment loan service schedule until December 2026. The interest rate on the loan is equal to the WIBOR rate increased by the margin of the banks.

The introduced modifications were necessary due to the market situation, in particular the prices of green certificates and electricity. The Issuer draws attention to the fact that Amon and Talia were a party to the long-term agreements for the receipt of electricity and green certificates, the recipient of which was a subsidiary of Tauron Polska Energia S.A. Group. (‘Tauron’). These contracts were terminated by the contractor, and therefore Amon and Talia filed lawsuits against Tauron, which the Issuer reported in its Current Report No. 12/2018 of 1st May 2018.

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