PGE plans: PLN 3.2 billion from the issuance of shares mainly in RES and Networks

Polska Grupa Energetyczna plans to issue a new series of shares and acquire PLN 3.2 billion to finance projects in the field of renewables, low-emissions sources and networks. The company said that its board of directors decided on Tuesday to issue the issue, and the approval has not yet been issued by the extraordinary general assembly of shareholders.

• In the case of the network, among other things, o increasing the share of cable lines, accelerating the introduction of smart meters and increasing the efficiency of connections to new consumers and energy sources.
• PGE plans to accelerate the PV capacity development program and obtain funds to purchase onshore wind farm projects and PV farms.
• In the area of ​​decarbonization, PGE plans to raise funds to finance the Rybnik gas and steam unit project and decarbonize the heating sector in Zgierz, Kielce and Bydgoszcz.

As the company informed, the planned new version will allow to accelerate the implementation of projects in the years 2022-2026 in the areas of distribution networks, renewable sources and decarbonization.

In the case of the network, among other things, o increasing the share of cable lines, accelerating the introduction of smart meters and increasing the efficiency of connections to new consumers and energy sources.

PGE plans to accelerate the PV capacity development program and obtain funds to purchase onshore wind farm projects and PV farms.

In the area of ​​decarbonization, PGE plans to raise funds to finance the Rybnik gas and steam unit project and decarbonize the heating sector in Zgierz, Kielce and Bydgoszcz.

“We want to intensify the implementation of the ambitious transformation goals stipulated in the PGE Group strategy. This requires additional funds for development. We will use the acquired capital to develop capital-intensive investment projects. We would like our largest investors to take part in the presentation”, said PGE President Wojciech Dąbrowski, at Company advertisement.

According to the company, the proposed acquisition of capital in the form of the issuance of Series E shares is the optimal form of obtaining funds. The proposed resolution states that existing shareholders who meet the criteria set out in the resolution and at the end of the day of registration for the general meeting will receive more than 0.10 percent. In the capital of the company, it will be able to exercise the right of priority in the allotment. PGE indicated that the issuance of Series E shares with the exclusion of subscription rights may make it possible to maximize the funds raised for this purpose, as well as reduce costs.

The Extraordinary General Assembly of Shareholders, which is due to approve the decision on the issuance, was held on March 7, 2022.

PGE indicated that its long-term goal is climate neutrality by 2050, and by 2030 to increase the share of renewable energy in the generation portfolio to 50%.