The Management Board of the company under the name of Polenergia S.A. (the “Issuer”) hereby announces that the project companies MFW Bałtyk II sp. z o.o. and MFW Bałtyk III sp. z o.o. (collectively the “Project Companies”), in which the Issuer holds a 50% stake, developing – as part of a joint venture between the Issuer and Equinor Wind Power AS – projects for the construction of two offshore wind farms, i.e. MFW Bałtyk II and MFW Bałtyk III (collectively the “Projects”), have increased the liability limits under corporate guarantees (sureties) issued to SIF Netherlands B.V. (“Contractor”), the contractor under agreements for the production and delivery of foundation structures for monopile wind turbines (“Agreements”). The Issuer informed about the conclusion of the Agreements and the established security for payments to the Contractor in Current Report No. 9/2024 dated February 16, 2024.
The submission of increased corporate guarantees is related to the commencement by the Contractor of the next phase of the implementation of the Agreements, consisting in ordering key steel elements of the foundation structures. The maximum expected amounts of the Issuer’s guaranteed liabilities to the Contractor in the period until the financial close of the Projects (“FC”) have increased in such a way that in relation to the MFW Bałtyk II project they have been increased from the previous approx. EUR 99,5 million to approx. EUR 111,6 million and in relation to the MFW Bałtyk III project from approx. EUR 68 million to the estimated approx. EUR 108,7 million. The financial close of the Projects is planned for the first quarter of 2025. Upon reaching the FC, the corporate guarantees granted expire.
legal basis: art. 17 sec. 1 of the Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (Journal of Laws of the EU, L. of 2014, No. 173, p. 1, as amended).
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