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Current Report No. 32/2016

28.07.2016 15:00

Withdrawal from execution of project for the construction of CCGT unit in Elektrownia Blachownia

The Management Board of TAURON Polska Energia S.A. (“TAURON”), in reference to current report No. 31/2016 of 30 December 2013 on suspending the project for the construction of CCGT unit in Elektrownia Blachownia, informs that on 28 July 2016 TAURON, KGHM Polska Miedź S.A. (“KGHM”) and TAURON Wytwarzanie S.A. (“TAURON Wytwarzanie”, a subsidiary of TAURON) (hereinafter “Parties”) signed agreement (“Agreement”) under which they jointly decided to withdraw from execution of the project for the construction of CCGT unit in Elektrownia Blachownia Nowa Sp. z o.o. (“Company”) (“Project”) and terminate the Shareholders’ Agreement signed by KGHM and TAURON Wytwarzanie, which means expiry of all obligations specified in the Shareholders’ Agreement and termination of all works defined in it, in particular those defined in preliminary schedule of Project execution, as well as in further consultations and agreements.

KGHM and TAURON Wytwarzanie agree to participate in winding up of the Company which will be carried out in line with the provisions of the articles of association of the Company and generally applicable laws.

The Parties will cooperate with each other and with the Company to guarantee execution of the Agreement. The Parties agree to terminate the agreement of 30 December 2013 under which they decided to suspend the project for the construction of CCGT unit in the Company.

Article 17 paragraph 1 MAR – inside information
 

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