EDF : EDF is announcing the signing of an agreement with PGE for the sale of EDF Polska's assets
May 19 2017 - 10:56AM
Following the unilateral put
option agreement received on May 11, 2017 and the authorization by
its Board of Directors, EDF signed today the agreement relating to
the disposal of all of EDF Polska assets (cogeneration and
electricity generation)1 to PGE Polska
Grupa Energetyczna SA2
The transaction values 100% of the
scope of EDF Polska at c. 6.1 billion zlotys (c. 1.4 billion
euros3 ),
representing 4.9 billion zlotys (c. 1.1 billion euros3) after
deduction of minority interests. This agreement follows the
negotiations initiated in January 2017 with a consortium of Polish
utilities.
This operation comes within the
framework of EDF's CAP 2030 strategy and
represents another major milestone in the assets disposal plan of
at least 10 billion euros over the 2015-2020 period. EDF Group's
carbon footprint will reduce by c.23% after this transaction.
The required regulatory approvals
and authorizations, including in particular the authorization from
the Polish competition authorities, the approval form the Polish
government, and the waiver of the pre-emption right by the
agricultural lands agency, will need to be obtained to pursue and
finalize the sale process. The closing of the transaction may occur
in the second semester of 2017.
The EDF group will maintain its presence in Poland through its
subsidiaries EDF Energies Nouvelles and DK Energy Polska. It also
intends to remain a partner of the Polish government in the context
of the evolution of the country's energy mix, including its nuclear
programme.
A key player in energy transition,
the EDF Group is an integrated electricity company, active in all
areas of the business: generation, transmission, distribution,
energy supply and trading, energy services. A global leader in
low-carbon energies, the Group has developed a diversified
generation mix based on nuclear power, hydropower, new renewable
energies and thermal energy. The Group is involved in supplying
energy and services to approximately 37.1 million customers, of
which 26.2 million in France. The Group generated consolidated
sales of €71 billion in 2016. EDF is listed on the Paris Stock
Exchange.
1The
transaction perimeter includes the Rybnik plant, the coal
cogeneration plants of Krakow, Czechnica, Gdansk, Gdynia, Torun and
Wroclaw as well as the gas fired cogeneration plants of Zawidawie
and Zielona Gora. This perimeter represents a total installed
capacity of 4.4 GWth and 1.4 GWe. It also includes the heat
distribution networks of Czechnica, Torun, Zawidawie and Zielona
Gora. The Wroclaw plant, the plants and heat distribution networks
of Czechnica, Zawidawie and Zielona Gora are held indirectly
through a 50% + 1 share stake via the Kogeneracja company
2 PGE is held
at 58% by the Polish state and is the country's largest electricity
producer
3 As of
December 31st, 2016
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EDF - Sales of EDF Polska
assets
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: EDF via Globenewswire