PGE to remain main investor in Poland’s nuclear power project
September 24, 2013
Poland’s top utility PGE will keep a 70% stake in its nuclear power unit PGE EJ1 and sell the remaining 30% stake to power groups Enea, Tauron and to copper giant KGHM with each of the firms taking a 10% stake, the companies said Monday.
PGE and each of its partners will be obliged to purchase the stake once anti-trust body UOKiK's unconditional approval is secured and after the government adopts this year a resolution on the Polish nuclear energy program.
The document initialed by all the parties on Monday is a draft of a future shareholder agreement, which will be concluded once necessary corporate consents are secured, the companies said.
All four companies had an agreement whose aim was to work on a joint project to build Poland's first nuclear power plant. The agreement was to expire on September 30.