CMS advises PGE Group on raising PLN 12 bn from the National Recovery Plan
CMS has advised PGE Polska Grupa Energetyczna S.A. (PGE Group) on a record financing of over PLN 12 bn from Bank Gospodarstwa Krajowego (BGK) under the National Recovery Plan. These funds will be allocated to two PGE Group’s companies for the development and modernisation of power grids: PGE Dystrybucja and PGE Energetyka Kolejowa.
PGE Group is a state-owned public power company and the largest power producing company in Poland. PGE Dystrybucja will receive over PLN 9.5bn to increase the company's ability to integrate renewable energy sources and modernisation of the power grid. PGE Energetyka Kolejowa will receive over PLN 2.5bn to strengthen security, improve energy quality, and increase the possibility of connecting more renewable energy sources to the distribution network supplying the Polish railway and the accompanying ecosystem. This financing is an important step towards strengthening Poland's energy security.
This is the latest financing PGE Group has obtained under the National Recovery Plan and follows the financing for the Baltica 2 offshore wind farm project, on which CMS also advised.
CMS provided support in negotiating the loan agreements and accompanying financial documentation (including intragroup loan agreements) and obtaining the necessary corporate approvals. The CMS team was led by Katarzyna Mazur, and included Bartosz Potrykus, under the supervision of Michał Mężykowski (Banking & Finance).
