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09/02/2015 20:27

Current report 3/2015

Polenergia SA (‘Company’) hereby notifies that on 9th February 2015 the Company’s subsidiary, Grupa PEP – Farma Wiatrowa Mycielin Spółka z ograniczoną odpowiedzialnością (‘FW’), and Vestas-Poland Sp. z o.o. (‘Vestas’) concluded an agreement on delivery and installation of wind turbines as well as an agreement on servicing and availability of wind turbines for Mycielin Wind Farm. The first agreement refers to the delivery, installation, commissioning and start-up of 24 wind turbines of 2 MW each (48 MW in total), whereas the second one applies to the provision of their service for 5 years, including both scheduled and unscheduled inspections, supply of maintenance products and spare parts, remote monitoring and other related activities.

The estimated total value of the agreements is EUR 56 767 580.00 (PLN 237 061 414.08).

The delivery and installation of the turbines, followed by commissioning of Mycielin Wind Farm, is scheduled for August–December 2015.

In the case of delayed delivery, Vestas will be required to pay contractual penalties in the total amount of not more than EUR 10 417 516.00 (PLN 43 503 546.82). If the supplied wind turbines do not meet the requirements for power curve or noise level, Vestas will pay a contractual penalty in the total amount of not more than EUR 10 417 516.00 (PLN 43 503 546.82). Vestas also guarantees an adequate level of availability of the wind turbines under the service agreement and in the case of failure to comply with these requirements, it will be required to pay a compensation to FW in the total amount of not more than EUR 4 680 000.00 (PLN 19 543 680.00). FW is not entitled to claim any supplementary compensation.

Since the total value of the agreement exceeds 10% of the Company’s equities, it was classified as a material one.

Furthermore, on 9th February 2015 the Company granted a guarantee to Vestas for the liabilities of FW under the agreement.

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