Polimex signs PLN 6.4bn coal-fired power unit deal with Enea
September 24, 2012
Kozienice plant director Krzysztof Zborowski and Hitachi Power Europe president Hideaki Keneda
Construction group Polimex-Mostostal in consortium with Hitachi signed PLN 6.4 billion gross contract with power group Enea's generation unit Enea Wytwarzanie for building a 1075 MW power block in Enea's Kozienice plant, eastern Poland.
The block is scheduled for completion in H2 2017, Enea said in a press statement.
Enea CEO Maciej Owczarek told broadcaster TVN CNBC that his company is fully prepared to finance the investment.
Enea has already secured PLN 4 billion bond program, the CEO said, adding that the company should complete negotiations with multilateral institutions regarding further PLN 2 billion at the turn of Q3 and Q4.
Polimex's share in the consortium stands at almost 43%. Polimex previously said that once the realization of the contract is launched, the company will receive an advance payment amounting to 10% of contract value.
Enea will make the advance payment once Polimex presents an adequate guarantee, Owczarek also said.
Meanwhile, Treasury Minister Mikolaj Budzanowski told TVN CNBC that the ministry may reconsider privatization of Enea power in late 2013.
"In late 2013 at the earliest, when we prepare privatization plans for 2014 and beyond, we may return to the issue of Enea privatization," he added.
To date, the Treasury Ministry kept declaring that Enea privatization project might be re-launched once the process of constructing a new power block at Enea's Kozienice plant is advanced enough.