Polenergia Spółka Akcyjna with its seat in Warsaw (‘Company’) hereby announces that on 12th June 2015 the Company’s subsidiaries – (i) Polenergia Obrót S.A. (‘PO Obrót’) and (ii) Polenergia Farma Wiatrowa Mycielin Sp. z o.o. (‘Mycielin Wind Farm’) – concluded an agreement on sale of property rights to certificates of origin of electricity from RES (‘Agreement’).
Pursuant to the Agreement, Mycielin Wind Farm is obliged to sell to PO Obrót the property rights arising from the certificates of origin of electricity produced from RES (‘Rights’), whereas PO Obrót is obliged to purchase these Rights from the Company.
The Company’s remuneration under the Agreement will be calculated as a product of the number of the Rights sold and the rate specified in the Agreement and based on the stock market price of the rights. The number of the Rights to be sold by the Company will be determined based on the volume of renewable energy generated by the Company.
The Agreement will be valid until the day falling 15 years from the date of the Company’s obtaining the license for production of electricity from RES.
The estimated total (i.e. throughout its entire term) value of the Agreement is approximately PLN 373.4 million.
Since the value of the Agreement throughout its entire term exceeds 10% of the Company’s equities, it was classified as a material one.