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Enea utilised the financing offered by Bank Gospodarstwa Krajowego by the acquisition of Połaniec Power Plant

Enea, for ca. PLN 1.26 billion, purchased Połaniec Power Plant, which during the recent years has undergone a ca. 1.5 billion worth of an intensive modernisation programme. When financing the transaction Enea used mainly own funds, including also the funds obtained as part of the first public issue and the issue available within the programme guaranteed by Bank Gospodarstwa Krajowego.

Enea broadly cooperates with Bank Gospodarstwa Krajowego, both within the bond issue programmes and on effecting financial market transactions, in particular as regards the interest rate risk hedging.

During the recent years Enea used two bond issue programmes. It concluded one Bond Issue Programme agreement with BGK up to the amount of PLN 1 billion in May 2014 and another one up to the amount of PLN 700 mln in December 2015. The funds derived from the bond issue within these agreements were used for the acquisition of LW Bogdanka and financing Enea Group’s investments, and in a part also for the acquisition of the shares in ENGIE Energia Polska S.A.

- Pursuant to the strategy we are implementing an ambitious investment programme, financing it from own funds, but also from e.g. the funds obtained in the framework of the cooperation with BGK. Acquiring 100% of shares in ENGIE Energia Polska, a company owning Połaniec Power Plant, we have become the second largest energy producer in Poland. All the investments we are financing in the framework of the cooperation with BGK affect thus not only the Group’s development but also the Polish energy security – said Mikołaj Franzkowiak, vice-president of Enea for financial affairs.

- Financing Enea Group’s investment programme is in line with the mission of Bank Gospodarstwa Krajowego. One of the tasks faced by a development bank is supporting core sectors of the economy which guarantee the state’s functioning security. I am glad that we are continuing our cooperation with Enea which was commenced in 2014. After the acquisition of the last bond issue in Enea by BGK, the total engagement of the bank in financing the power sector exceeded PLN 8 billion – said Beata Daszyńska-Muzyczka, president of the board of BGK.

As part of the agreement concluded in 2015 Enea has the right to issue bonds on dates convenient to it until 1 March 2018. Bank Gospodarstwa Krajowego automatically subscribes for each such future issue.

 

Enea Group is a vice-leader of the Polish power market as regards electricity. It manages the complete value chain on the electricity market: from fuel, through electricity generation, distribution, sales and Customer service. It is responsible for safe supplies of energy to 2.5 million Customers. Enea Operator owns the distribution network in north-western Poland (ca. 1/5 of the area of Poland). In whole Poland, the Group employs 15.7 thousand Employees who create the innovative commodity and energy company. Two important system power plants belong to Enea Group: Kozienice Power Plant and Połaniec Power Plant. The Group includes also Lubelski Węgiel Bogdanka - the mine is the major supplier of the commodity to power plants belonging to the Group. Enea Group’s operations include also heat energy engineering in plants in Białystok, Oborniki and Piła.

Bank Gospodarstwa Krajowego is a state development bank which initiates and implements programmes serving Poland's economic growth, cooperating with all the development institutions such as PFR, KUKE, PAIH, PARP and ARP. BGK develops warranty and suretyship systems which are to stimulate the entrepreneurship. One of the Bank’s major duties is also supporting the foreign activity of Polish businesses. BGK manages European programmes and distributes community funds on a national and regional scale. It engages in programmes which improve the situation on the housing market and grant Poles the access to residential apartments.

Having in mind the diverse and international nature of Enea SA's shareholding, and also the provisions of the Best Practices of WSE Listed Companies, Enea SA guarantees the availability of its website also in English. In case of any interpretation doubts and discrepancies between the Polish and English versions, the Polish version shall prevail.