PLN 750 million from Green Bonds has been transferred to Polenergia’s account. Their main purpose is to finance the construction of offshore wind farms

PLN 750 million from the issue of Green Bonds has been transferred to Polenergia's account. The largest Polish private energy group has allocated them to 57 investors. Polenergia will allocate most of the funds raised to the construction of offshore wind farms. The two most advanced projects, Bałtyk 2 and Bałtyk 3, with a total capacity of 1,440 MW, have a full set of construction permits. The Bałtyk offshore wind farms are one of the largest infrastructure projects in the history of Poland. Polenergia is developing them together with the Norwegian energy giant – Equinor.

For the first time in its history, Polenergia has issued and allocated Green Bonds. Their total nominal value is PLN 750 million. It consists of 750 thousand Series A bonds, each with a nominal value of PLN 1 thousand. The bonds were allocated to a total of 57 investors, this number also includes subfunds.

The spectacular success of Polenergia Green Bonds is a very clear confirmation that the market supports the business direction we have chosen and also wants, through our Group, to actively participate in the Polish energy transformation and the dynamic development of further green assets. Polenergia's investments in renewable energy have enormous potential. The best proof of this is the exceeding of PLN 1 billion in subscriptions for our Green Bonds and Polenergia's decision to increase the issue amount from PLN 500 to 750 million. The huge trust of investors is very pleasing. In our opinion, we obtained financing on attractive terms, and thanks to the issue we are one step closer to implementing our key offshore projects. Their importance for the Polish economy is absolutely strategic.

Adam Purwin

Member of the Management Board of Polenergia S.A.

Polenergia Green Bonds were issued on the basis of the Green Bond Framework, which received a positive opinion from the Sustainalitycs rating agency specializing in this area. The non-prospectus public offering on the domestic market was addressed exclusively to qualified investors.

The interest rate on the issued Green Bonds is variable and is equal to WIBOR 6M, increased by 2.7 percentage points. The planned redemption date of the Series A Bonds is October 16, 2029.

The role of the Organizers of the issue program and Dealers of the Series A Bonds is performed by Bank Pekao S.A., mBank S.A., Santander Bank Polska S.A.. The issue agent is Santander Bank Polska S.A. – Brokerage House. The bonds will be listed in the Alternative Trading System on the Catalyst market of the Warsaw Stock Exchange.

The majority of the funds raised from the Green Bonds will be allocated to the construction of the Bałtyk 2 and Bałtyk 3 projects. Offshore wind farms with a total capacity of 1,440 MW have already received a full set of offshore and onshore construction permits.

The final investment decision (FID) for both projects should take place in the first quarter of 2025. The first energy from the Bałtyk 2 and 3 wind farms is to flow into the grid in 2027. The commercial stage of their use is planned from 2028.

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PLN 750 million from Green Bonds has been transferred to Polenergia’s account. Their main purpose is to finance the construction of offshore wind farms

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