Polish Energy Partners Spółka Akcyjna (‘Company’) hereby announces that on 21st January 2013 there was signed a documentation (‘Documentation’), pursuant to which: (i) the agreement of 15th March 2004 on economic cooperation in acquiring wind turbine units (‘Agreement’) was terminated, and (ii) the Company took over for its own implementation the projects of development of wind farms of the total capacity of approximately 530 MW, previously implemented upon the Agreement jointly by PEP and EPA Wind Spółka z o.o., Sp. K. (‘EPA’).
On account of taking over of the projects for its own implementation, PEP paid to EPA a total amount of approximately PLN 45 million, which accounted for the settlement of the current cooperation of PEP and EPA under the Agreement. Moreover, in case of successful completion of a particular wind farm development process, i.e. obtaining building permission and connection to the network, the Company in the future may be obliged to pay an additional remuneration, calculated on the basis of the formula as specified in the Documentation, separately for each wind farm project. Should all the projects taken over be successful, the Company may pay a total of no more than PLN 27 million.
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