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Enea SAUPDATE: Enea power inks PLN 9.13 bln loan agreement with BGK within national recovery plan
Listed power utility Enea has entered into a loan agreement with Poland's state development bank BGK for PLN 9.13 billion (EUR 2.1 bln) from national recovery plan KPO, the group said in a market filing.
As Enea pointed out in the market filing, the loan was granted from EU funds within Poland's national recovery and resilience plan KPO under the programme of support for the Polish power system (Power Sector Support Fund), part of RePowerEU programme.
Enea further stressed that the funds from the loan agreement may only be spent on refinancing eligible expenses to be incurred by its subsidiary, Enea Operator.
Enea Operator is to use the funds for the development of electricity distribution infrastructure in north-western Poland in order to improve the quality and security of electricity supply.
The loan will also support the energy transition process by increasing the Enea Operator electricity network's capacity to cooperate with renewable energy sources, including with the use of smart grid technologies.
"The financing provided under the loan agreement will be transferred in full to Enea Operator under an intra-group loan agreement to be entered into between the issuer and Enea Operator on terms not less favourable than those specified in the loan agreement," Enea said in the market filing.
The group pointed out that, in accordance with the provisions of the loan agreement signed with Poland's state development bank, in the event of an increase in the pool of available funds, the amount of financing provided to Enea may be increased.
The funds provided under the loan agreement bear interest at a fixed annual rate of 0.5 percent and will be disbursed in tranches in 2025-2036.
The loan principal will be repaid in installments every six months, with the final repayment date of May 20, 2050.
ao/ han/