Enea has another PLN 700 million for its development from BGK

Enea and Bank Gospodarstwa Krajowego concluded a programme agreement relating to the bond issue up to the amount of PLN 700 million. The funds obtained from future issues will be allocated to the implementation of the Group's corporate strategy. Until 2020 Enea plans to invest almost PLN 17 billion.

Within the concluded contract Enea has the right to issue bonds on convenient dates until 1 March 2018. Bank Gospodarstwa Krajowego will automatically hold each future issue of this type. The bond redemption will be in instalments until 15 September 2027. Their interest was based on WIBOR floating rate for 6-month deposits, plus the bank's margin.

- We have been efficiently realising an ambitious investment programme for many years. We will finance our intentions inter alia from the funds obtained from the cooperation with BGK. Building new generating capacities and modernising the distribution networks we have not only increased the Group's value but also enhanced the national energy security – emphasises Dalida Gepfert, vice-president of Enea for financial affairs.

The concluded Agreement is another stage of cooperation between Enea and Bank Gospodarstwa Krajowego within "Polish Investments" programme realised by the Bank. The first agreement relating to the bond issue programme up to the total amount of PLN 1 billion was concluded on 15 May 2014. The funds have been already fully utilised.

- Guaranteeing the financing for the key energy investments is a crucial element of BGK's mission as the national development bank. Already today, each fourth zloty engaged in "Polish Investments" programme reaches energy projects, and the total value of agreements concluded in the sector, including Enea's issue, is PLN 6.7 billion – said Dariusz Kacprzyk, president of the board of BGK.

Enea is a renowned seller, distributor and producer of electricity. It offers its Customers innovative products, takes care for the reliability of supplies of energy to citizens of the north-western Poland and generates ca. 9 per cent of electricity consumed in our country. Recently, the Group was extended with Lubelski Węgiel Bogdanka becoming in consequence a modern energy and fuel concern.

Bank Gospodarstwa Krajowego is the national development bank which initiates and implements programmes supporting the economic growth of Poland. It is a competence centre in financing infrastructural, export, municipality companies and local government projects. It develops the warranty and guarantee systems aiming at triggering entrepreneurship. It engages in programmes hardening of the household market and access of Poles to residential apartments. It manages European programmes and distributes community funds on the national and regional scale. It is a leading institution in the process of public finance consolidation.