PGE and ZE PAK have signed an agreement to establish the terms for the acquisition of two energy companies
PGE is interested in acquiring 100% of the shares in PAK CCGT Sp. z o.o. from ZE PAK, a company responsible for a gas project located at the Adamów Power Plant, as well as 50% of the shares in PGE PAK Energia Jądrowa, which is overseeing a nuclear project. To this end, PGE and ZE PAK have signed an agreement to establish the terms for the acquisition of the gas and nuclear projects. The next step will involve conducting due diligence, an assessment of the condition of both entities with the involvement of external advisors, which is a prerequisite for signing the agreement.
In brief
PGE and ZE PAK have signed an agreement on the terms of PGE's purchase of 100 percent of the shares in PAK CCGT, which is carrying out a gas project at the Adamów Power Plant site, and of 50 percent of the shares in PGE PAK Energia Jądrowa. The 600 MWe class combined cycle gas unit in Adamów has a general contractor in the consortium of Siemens Energy and Mytilineos and a 17-year capacity contract with an obligation of 493 MW from 2026. PGE PAK Energia Jądrowa, established in 2023, is preparing the construction of a 2.8 GW nuclear power plant in the Konin region. Conclusion of the agreement is conditional on a due diligence review.
- The Polish energy sector requires stable and flexible gas-fired capacities operating as base-load power sources, alongside renewable energy sources (RES), as key components of Poland's energy mix. The potential acquisition of an ongoing project to construct a combined-cycle gas turbine (CCGT) unit with a capacity of over 560 MW at the site of the former Adamów coal-fired power plant aligns with the strategic development directions of the PGE Group. This project would not only expand our portfolio of gas investments but also increase our generation potential, and most importantly, in a relatively short time, it could ensure reliable and stable energy supplies to Polish households. At the same time, nuclear energy remains the cornerstone of Poland's complete energy independence. Therefore, as the PGE Group, we are taking concrete steps to gain full control over the nuclear project currently being developed by PGE PAK Energia Jądrowa. In our view, this will provide us with greater opportunities to analyze additional potential locations for nuclear projects in collaboration with the government, which sets the strategic direction for such initiatives in Poland - said Dariusz Marzec, President of the Management Board of PGE.
The company PAK CCGT Sp. z o.o. is responsible for the construction of a 600 MWe-class combined-cycle gas turbine (CCGT) unit and its associated infrastructure on the premises of the former Adamów Power Plant. The project has already selected a general contractor, a consortium comprising Siemens Energy Global GmbH Co KG, Siemens Energy Sp. z o.o., and Mytilineos S.A. The power plant secured a 17-year capacity market contract, with a capacity obligation of 493 MW starting in 2026.
PGE PAK Energia Jądrowa was established in 2023 by PGE and ZE PAK to carry out preparatory work for the potential construction of a nuclear power plant in the Konin region with a total capacity of 2.8 GW. Each of the owners holds a 50% stake in this entity. Acquiring ZE PAK's 50% stake would make PGE the sole owner of the nuclear project.
Source: PGE / Gazeta Morska · Compiled by: Kamil Kusier
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