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The State Treasury proposed purchase terms for Tauron Wytwarzanie owned by the Tauron Group. The deal includes power plants in Jaworzno, Łaziska, Będzin and daughter companies, as well as Tauron Serwis and Bioeko Grupa Tauron. Coal-based generation assets will go to the National Energy Security Agency (NABE).
“The process of streamlining the Polish energy sector, for which the Ministry of State Assets is responsible, is gradually moving forward. We have received a proposal containing the terms for the purchase of our coal-based generation assets. The completion of the sale of coal – fired power plants is in line with our strategy, Tauron’s Green Turn, and will unlock our investment potential and allow us to make the energy transition more dynamic,” explains Paweł Szczeszek, CEO of Tauron Group.
The value of the transaction consists of two elements: the price of Tauron Wytwarzanie shares and the value of the company’s debt to the issuer, which will be repaid. The State Treasury proposed the acquisition of Tauron Wytwarzanie shares at the sale price in the amount of PLN 1 together with the repayment to the Tauron Group of the company’s debt existing on the date of the acquisition of Tauron Wytwarzanie shares by the State Treasury.
Tauron has informed that as of September 30, 2022, the debt amounted to PLN 6,326 million (this amount is the loan capital plus accrued interest until September 30, 2022). Debt up to the closing date will be reduced by PLN 652 million as a result of the conversion of part of Tauron Wytwarzanie’s existing debt to the seller into the company’s equity. Part of Tauron Wytwarzanie’s debt to the seller in the amount of PLN 2,120 million will be repaid for a period of eight years from the closing date, and the repayment will be covered by a guarantee from the State Treasury, which corresponds to 70 percent of the debt.
The remaining part of Tauron Wytwarzanie’s debt to the seller existing at the closing date is to be repaid by NABE from a loan granted to NABE by banks as part of the transaction, which is to be launched no later than 90 days from the closing date. Other intra-group settlements, with a particular focus on CO2 emission allowance settlements, are ongoing and will not affect the sale price.
The Tauron Group intends to analyze the terms of the transaction consisting in the sale of 100% to the State Treasury of shares owned by Tauron Wytwarzanie, which includes the following branches: Elektrownia Nowe Jaworzno, Elektrownia Jaworzno II and III, Elektrownia Łaziska, Elektrownia Łagisza, Elektrownia Siersza, Elektrownia Stalowa Wola and subsidiaries, including Tauron Serwis and Bioeko Tauron Group. All these companies will eventually go to the emerging National Energy Security Agency.
“The completion last year of the sale of Tauron Wydobycie shares and the sale of Tauron Wytwarzanie shares, which is currently being finalized, is a milestone in the development of the company. The implementation of this transaction will make it possible to finance large investment processes related to the expansion of renewables assets and intensify the development of electricity networks. The whole process is carried out with respect for workers ‘ rights,” explained Paweł Szczeszek.
The Group’s strategy that has been in implementation since June 2022 and is called “Tauron’s Green Turn. Electricity Around the Clock,” provides for a six-fold increase in RES installed capacity and reductions in emissions by about 80 percent. Another priority is to strengthen the company’s leadership position when it comes to the distribution of energy and development of technologies that make it possible to manage dispersed energy sources.
The Tauron Group produces, distributes and sells energy and heat. The Tauron Group covers 18 percent of the country’s land area and is one of the largest economic entities in Poland, being the largest distributor, second seller and third producer of electricity. The Tauron Group owns, among others, Tauron Dystrybucja, Tauron Sprzedaż, Tauron Ekoenergia and Tauron Ciepło.
Tauron Group / Jacek Perzyński
