Profil:
Polenergia SABGK to withdraw from Polenergia renewables project agreement; company to record impairment
Poland's state development bank BGK has withdrawn from signing an agreement with listed renewables group Polenergia's subsidiary, Polenergia H2Silesia, concerning the non-repayable support for the H2Silesia project, which is the construction of a large-scale renewable hydrogen production plant, Polenergia said in a market filing. The company will create an impairment write-down of the asset value.
According to the statement, the withdrawal from the agreement was due to BGK’s assessment that the proposed changes to the project, related to adapting it to current market conditions and the ongoing strategic options review in the hydrogen strategy area, are not feasible to implement.
The project is covered by a notification decision under the IPCEI Hydrogen Hy2Infra (Important Projects of Common European Interest) program, which approves a maximum public aid ceiling for the project of EUR 142.77 million.
According to the 2025-2030 strategy, Polenergia plans to gradually withdraw from activities in the hydrogen transformation field.
The impairment write-down will be recognized in the consolidated quarterly report of the Polenergia Group for the third quarter of 2025 under other operating expenses. It will impact the group’s operating profit but will not affect EBITDA.
pel/ nl/