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Current Report No. 4/2018

28.02.2018 14:25

Update of the information on the cooperation in the implementation of the 910 MW power generation unit construction project in Jaworzno

In reference to current reports no. 25/2017 of June 1, 2017 and no. 43/2017 of December 29, 2017 related to the agreement on potential cooperation in the implementation of the 910 MW power generation unit construction project in Jaworzno (”Unit”), the Management Board of TAURON Polska Energia S.A. (”Issuer”) announces that the Issuer, Nowe Jaworzno Grupa Tauron sp. z o.o. (”Special Purpose Vehicle”) and 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), are continuing activities aimed at signing agreements that will define the terms of the Funds’ equity investment in the Special Purpose Vehicle. Such activities are conducted in spite of the expiration of the agreement mentioned above.

The intention of the parties is to have the Funds join the Special Purpose Vehicle and participate in the successive recapitalizations of the Special Purpose Vehicle, by taking up the newly created shares in exchange for financial contributions up to the total maximum amount of PLN 880 mln. The Funds’ share in the Special Purpose Vehicle’s share capital, as of the day the Unit is commissioned, should reach approx. 14%, while the Issuer’s share should reach at least 50% + 1 share. Joining the Special Purpose Vehicle by the Funds will be contingent on the fulfillment of the conditions that will be defined in the agreements.

In the Issuer’s opinion the agreements between the parties will be signed in the coming weeks, of which the Issuer will inform in a separate current report.

Legal basis: Art. 17 clause 1 of MAR – inside information
 

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