PGE Polska Grupa Energetyczna, TAURON Polska Energia, KGHM Polska Miedź and Enea today signed a letter of intent concerning purchase of shares in the special purpose vehicle established for construction and operation of the first Polish nuclear power plant.
According to the letter the companies will work on developing a draft agreement for purchase of shares in PGE EJ 1 sp. z o.o. – a special purpose vehicle that is responsible for development of the investment process for construction and operation of the first Polish nuclear power plant. The agreement shall specify the rights and obligations of each of the Parties in relation to execution of the project with account being taken of the fact that PGE Polska Grupa Energetyczna will assume the leading role in project development and execution, either directly or through a subsidiary. It was emphasized in the letter that PGE, through subsidiaries, has commended preparatory works connected with construction of the first Polish nuclear power plant, including research and compliance with standards required of nuclear power projects around the world.
“PGE considers enabling business partners to participate in the project by way of capital engagement in the special purpose vehicle established by PGE for execution of the nuclear project. It could have positive impact on the project’s business efficiency, through risk diversification and better management of the investment project’s key elements, among other things”, said Krzysztof Kilian, President of the Management Board (CEO) of PGE Polska Grupa Energetyczna. “It is a breakthrough moment for Polish nuclear energy sector due to the fact that the largest Polish companies decided to cooperate for a project that is crucial for Poland.”
“TAURON Polska Energia, in line with its corporate strategy which stipulates diversification of fuels for electricity generation, plans to have several hundred megawatts of electricity from nuclear sources in its generation portfolio around 2025”, said Dariusz Lubera, President of the Management Board (CEO) of TAURON Polska Energia. “For several years our company had wanted to participate in the first Polish nuclear project. We are glad that the group is composed of strong and experienced partners. We have already started developing competence in nuclear power several years ago by, among other things, organizing postgraduate courses for our employees.”
“We must find other sources that will allow us to function beyond the next 20 – 30 years. It is our common interest to think what could replace hard coal”, said Maciej Owczarek, President of the Management Board (CEO) of Enea. “We are glad to be a partner to the project, especially because this is a totally new, undiscovered field for all of us. We have plenty to do in this matter.”
“It is a significant and future-oriented project, both for Poland, Polish companies and for KGHM. Our role in the project is defined through our competence in the coal mining sector”, said Herbert Wirth, President of the Management Board (CEO) of KGHM Polska Miedź. “Broadly understood power business is a growing sector. In line with KGHM’s development strategy it is a major element of revenue diversification.”