Polish Energy Partners S.A. (‘Company’) hereby notifies that on 24th July 2014 the Company’s subsidiary – Grupa PEP – Farma Wiatrowa 4 Spółka z ograniczoną odpowiedzialnością (‘GPFW4’) – concluded an agreement with a consortium of companies: ELECTRUM Sp. z o.o. and Zakład Wykonawstwa Sieci Elektrycznych MEGA-POL S.A. (‘Agreement’).
The Agreement refers to execution by the contractors to the benefit of GPFW4 of: complex assembly and electroenergetic works as well as construction works for Skurpie 110/20 kV subscriber terminal together with a MV and HV cable network and a fiber-optic one for the purposes of implementation of Skurpie Wind Farm.
The net value of the Agreement concluded by GPFW4 is PLN 19 670 000.00.
The total amount of stipulated penalties potentially due from the contractors under the Agreement shall not exceed 30% of the gross value of the Agreement.
Since the total value of the Agreement exceeds 10% of the Company’s equities, it was classified as a material one.
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