CONCLUSION OF A CREDIT AGREEMENT FOR THE SZPROTAWA 2 PV PROJECT

The Management Board of Polenergia S.A. (“Issuer“) hereby informs that on  September 19^th, 2024 the Issuer’s subsidiary – Polenergia Farma Fotowoltaiczna 16 Sp. z o.o., developing the Szprotawa 2 photovoltaic farm project with a total capacity of 20 MWp, as a borrower  (“Borrower“) and Pekao S.A., as the lender (“Lender“), concluded a credit agreement ( “Credit Agreement“).

On the basis of the Credit Agreement, the Lender will grant the Borrower:

• term credit up to the total amount of PLN 27,000,000.00, intended for financing the construction of the Szprotawa 2 photovoltaic farm, with the possibility of increasing the Lender’s involvement (after meeting additional conditions specified in the Credit Agreement);
• VAT credit up to the maximum total amount of PLN 7,000,000.00; and
• DSR loan up to the maximum total amount of PLN 2,800,000.00.

In connection with the Credit Agreement, the Borrower and the Issuer are obliged to conclude a standard security package used in project finance transactions. The Borrower, among others, will submit a declaration of submission to enforcement and establish a registered pledge on a set of movable property and rights, while the Issuer will establish a registered and financial pledge on the Borrower’s shares and submit a declaration of submission to enforcement.

The Credit Agreement provides for the repayment of the term credit and the DSR loan no later than within 15 years from the date of the project completion or by December 16^th, 2039 (whichever is earlier), and the VAT credit within six months from the date of final settlement of the construction, but no later than until June 30^th, 2026. The credit interest rate is determined based of the WIBOR reference rate, increased by the Lender’s margin.

The terms and conditions of the Credit Agreement, including those relating to collateral, contractual penalties, disbursement of financing and termination of the Credit Agreement, correspond to the provisions applicable in this type of transactions.

Legal basis: Article 17(1) of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 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 (OJ L of 2014 No. 173, p. 1, as amended).