PAK borrows EUR 300m from EBRD and other banks

APA - Austria Presse Agentur
opublikowano: 20-07-2005, 15:21

Warsaw (Puls Biznesu) – Yesterday, PAK, Polish power plants controlled by Elektrim made final settlements with SNC Lavalin of Canada, which will continue the construction of its electricity generating unit broken several years ago. Credit agreement with a consortium of banks, including EBRD, was signed.

Warsaw (Puls Biznesu) – Yesterday, PAK, Polish power plants controlled by Elektrim made final settlements with SNC Lavalin of Canada, which will continue the construction of its electricity generating unit broken several years ago. Credit agreement with a consortium of banks, including EBRD, was signed. The banks will borrow the power plant EUR 222m plus EUR 80m for VAT and exchange rate. PAK will also get a loan of PLN 226m (EUR 54.7m) from the national fund of environmental protection (NFOS). A week ago, the plant signed an agreement to borrow EUR 90m from Polsat group, the private TV broadcasting company owned by Zygmunt Solorz-Zak, Elektrim main shareholder.

In August, preparatory works will be held, and the investment will be re-started in September. Construction works should be ended till the end of 2007 as promised by Elektrim in the privatisation agreement. Elektrim will not, however, start talks with investors who are interested in acquiring PAK. “We are in no hurry. Several months ago we needed help but no investor was ready to give it quick enough. Now we have time. First, we would like to talk with the Treasury about possible consolidation of PAK with mines”, Zygmunt Solorz-Zak said. The following companies are interested in PAK: Czech CEZ, Vattenfall of Sweden, Spanish Iberdrola and probably also German RWE.

(PLN 1 = EUR 0.242)

Poland/Enterprises/Energy

 

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