The Management Board of the company under the name of Polenergia S.A. (the “Issuer”) hereby announces that the project companies MFW Bałtyk II sp. z o.o. and MFW Bałtyk III sp. z o.o. (collectively the “Project Companies”), in which the Issuer holds a 50% stake, developing – as part of a joint venture between the Issuer and Equinor Wind Power AS – projects to build two offshore wind farms, i.e. MFW Bałtyk II and MFW Bałtyk III (collectively the “Projects”), have issued notice to proceed (“NTP”) to contracts for the supply of electrical system infrastructure and the supply of an onshore power station in the EPC formula concluded with Hitachi Energy Poland sp. z o.o. (“Contractor”) (collectively the “Agreements”), the conclusion of which was announced by the Issuer in Current Report No. 43/2022.
The purpose of issuing NTP is to accelerate the commencement of works covered by the Agreements in full scope, which involves, among other things, expanding the scope of preliminary works and the waiver by the Companies of certain conditions precedent suspending the performance of the Agreements.
The Issuer has been obliged to provide increased payment guarantees. The maximum expected amounts of liabilities guaranteed by the Issuer in the period until financial closing have increased, i.e. in relation to the MFW Bałtyk II project from the current approx. EUR 9.5 million to approx. EUR 28.5 million and in relation to the MFW Bałtyk III project from approx. EUR 8.5 million to the estimated approx. EUR 18.2 million.
legal basis: art. 17 sec. 1 of the Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (Journal of Laws of the European Union, L. of 2014, No. 173, p. 1, as amended).
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