Skip Ribbon Commands
Skip to main content
This site uses cookie files. Using this site means, that you accept the use of cookies, according to your web browser settings. You can change those settings anytime. Details can be found in our Cookie Policy.
 
 
 
 

Current Report No. 28/2018

19.10.2018 16:00

Information on the suspending conditions defined in the Investment Agreement related to the Jaworzno 910 MW power generating unit construction project

​​In reference to the current reports: no. 11/2018 of March 28, 2018, no. 23/2018 of July 17, 2018 and no. 24/2018 of July 26, 2018 related to 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”), a part of whose investment portfolio is managed by Polski Fundusz Rozwoju S.A. (Polish Development Fund) (”PFR”), in Nowe Jaworzno Grupa Tauron sp. z o.o. (”Special Purpose Vehicle”), the company implementing the Jaworzno 910 MW power generating unit construction project, the Management Board of TAURON Polska Energia S.A. (”Issuer”) informs that on October 19, 2018 the Issuer received the decision of the Head of the National Revenue Administration of October 19, 2018, approving the terms of the Electricity Sale Agreement (“Agreement”), concluded by the Issuer and the Special Purpose Vehicle as an advance pricing agreement (”APA Decision”). Thus, the tax authorities confirmed that the method selected to calculate the remuneration in the transaction covered by the Agreement was correct and determined that the conditions agreed upon by the parties to the Agreement were comparable to the conditions that would have been agreed upon by independent entities. The APA Decision shall be in force for the period of five years running from November 1, 2019.

The APA Decision is the final document that the Issuer was obligated to obtain as part of implementing the conditions suspending the Funds joining the Special Purpose Vehicle. These conditions were defined in the Investment Agreement concluded by the Issuer, the Funds and the Special Purpose Vehicle on March 28, 2018 (”Investment Agreement”).

The Issuer and the Funds will commence actions aimed at making the Funds join the Special Purpose Vehicle as minority shareholders, following the confirmation of the fulfillment of all of the preconditions for such joining, defined in the Investment Agreement.​

Art. 17, clause 1 of MAR – confidential information
 

 Latest reports