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05/11/2019 21:49

Current report 32/2019

The Management Board of Polenergia S.A. (“Issuer”) hereby reports that on 5 November 2019:

1.    the Issuer, as the Sponsor, the Issuer’s subsidiary ˗ Polenergia Farma Wiatrowa Szymankowo Spółka z ograniczoną odpowiedzialnością (“Wind Farm”) as the borrower and the European Bank for Reconstruction and Development, mBank S.A., ING Bank Śląski S.A. as the lenders (“Lenders”) concluded a credit agreement (“Credit Agreement”).

Pursuant to the Credit Agreement, the Lenders will grant an investment credit facility for the Wind Farm in the total amount of PLN 107,000,000.00 to finance the Wind Farm construction and a VAT credit facility during the period of construction up to PLN 20,000,000.00.

The Credit Agreement foresees repayment of the investment credit not later than by 10 June 2037, and the VAT credit facility not later than by 31 March 2022. The interest on credit is equal to WIBOR increased by the banks’ margin.

2.    The Wind Farm concluded an agreement with Siemens Gamesa Renewable Energy Sp. z o.o. (“SGRE”) and Siemens Gamesa Renewable Energy A/S on supply, installation and start-up of 11 wind turbines G132HH134 with a capacity of 3.465 MW each (in total, 38.115 MW) (“TSA”). The supply and installation of the turbines and the start-up of the Wind Farm is scheduled for a period between August 2020 and March 2021.

3.    Furthermore, the Wind Farm concluded an agreement with SGRE for servicing and availability of wind turbines (“SMA”) for the Wind Farm. The SMA refers to the provision of maintenance services for the above-mentioned wind turbines for a period of 25 years from the start-up date, including performance of planned inspections, repairs, delivery of means of support and spare parts, remote supervision and other associated activities.

SGRE also guarantees an adequate level of availability of turbines as part of the maintenance agreement and in case of failure to fulfil such requirements will be liable for paying compensation for the benefit of the Wind Farm.

4.    The Wind Farm concluded an agreement with Przedsiębiorstwo Budownictwa Drogowo-Inżynieryjnego S.A. (“PBDI”) on construction of the Szymankowo Wind Farm with a capacity of 38.115 MW (“BoP”). The agreement is going to be performed by June 2021.

The BoP refers to performance, by PBDI, for the benefit of the Wind Farm of: comprehensive construction industry work within the scope of foundations and soil reinforcement for the wind turbines, adjustment of access roads for oversize transport, modernisation of existing roads, construction of maintenance roads, assembly platforms and comprehensive assembly and electric energy work and the necessary construction for the GPO 30/110 kV station along with medium voltage, high voltage and fibre optic cable network for the purpose of the Wind Farm performance.

The agreements are considered significant on account of the fact that their total value exceeds 10% of the Issuer’s equity.

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