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The Warsaw Voice » Business » July 22, 2014
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PEP power to buy power assets from parent
July 22, 2014   
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Wind farm developer Polish Energy Partners (PEP) will buy energy sector assets from its lead shareholder Kulczyk Holdings in a for-equity deal and receive a capital injection of PLN 240 million from Chinese CEE Equity Partners in exchange for a 16% stake, PEP said in a market filing.

To buy assets of Kulczyk's Polenergia, PEP will issue 16.86 million shares priced at PLN 33.03 apiece. In the second deal, CEE Equity Partners will buy 7.266 million shares in PEP for PLN 240 million (also PLN 33.03 apiece). As part of the investment deal, PEP vowed to recommend dividend payouts of at least 20% starting in 2017.

In years 2014-2016, the merged group plans to launch 380 MW in additional inland wind farm capacities and to develop a project of a gas pipeline between Poland and Germany with capacity of up to 5 bcm a year.

In years 2017-2022, the group plans to build 500 MW in inland wind farms, 600 MW in off-shore wind farms and launched the PL-DE pipeline.
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