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Current Report No. 24/2018

26.07.2018 13:40

Information on the suspending conditions defined in the Investment Agreement

This report is published in reference to the current report no. 11/2018 of March 28, 2018 related to the signing of the transaction documentation defining the terms of the investment by Fundusz Inwestycji Infrastrukturalnych – Kapitałowy Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych (Infrastructure Investments Fund – Non-public Assets Closed-end Equity Investment Fund) and Fundusz Inwestycji Infrastrukturalnych – Dłużny Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych (Infrastructure Investments Fund - Non-public Assets Closed-end Debt (Fixed Income) Investment Fund) (collectively: the ”Funds”), managed by Polski Fundusz Rozwoju S.A. (Polish Development Fund) (”PFR”), in Nowe Jaworzno Grupa Tauron sp. z o.o. (”Special Purpose Vehicle”), implementing the 910 MW power generation unit construction project in Jaworzno.

Management Board of TAURON Polska Energia S.A. (”Issuer”) informs that, in the Issuer’s opinion, as of July 26, 2018, all the suspending conditions required for the Funds to join the Special Purpose Vehicle defined in the Investment Agreement signed by the Issuer, the Funds and the Special Purpose Vehicle on March 28, 2018, (“Investment Agreement”), that were supposed to be implemented within 4 months from the day of concluding the Investment Agreement, were fulfilled, i.e.:

(i) Issuer and PFR obtained an unconditional approval of the Chairman of the Office of Competition and Consumer Protection (UOKIK) for the concentration involving establishing a joint undertaking by the Issuer and PFR under the name of Nowe Jaworzno Grupa Tauron sp. z o.o., of which the Issuer informed in the current report no. 23/2018 of July 17, 2018,

(ii) Issuer and the Special Purpose Vehicle concluded the Electricity Sale Agreement and the Coal Sale Agreement,

(iii) Issuer and the Special Purpose Vehicle completed the legal actions agreed upon in the Investment Agreement.

In accordance with the Investment Agreement the Funds may present their position on the fulfillment of the above mentioned suspending conditions within 10 working days from the day they are served with the notification of the fulfillment of the last suspending condition.

The Issuer also informs that it has submitted a request for the issuing by the Head of the National Treasury (Tax) Administration of the decision approving the terms of the Electricity Sale Agreement as an advance pricing agreement (”APA Decision”). In accordance with the Investment Agreement this condition should be fulfilled within 7 months from the day of concluding the Investment Agreement, i.e. by October 28, 2018. APA Decision will be the final document that the Issuer should obtain as part of implementing the conditions suspending the Funds joining the Special Purpose Vehicle.

 

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