Letter of Intent signed between Grupa LOTOS S.A., PKN Orlen S.A. and ENERGA S.A. to analyse feasibility of joint CCGT project
Report no. 29/2020 2020-11-02

Grupa LOTOS S.A. (the “Company”) announces that on November 2nd 2020 a Letter of Intent to analyse the feasibility of a joint project to construct a CCGT power plant in Gdańsk, to be completed by July 2026 (the “Project”), was signed between ENERGA S.A., Polski Koncern Naftowy ORLEN S.A. and Grupa LOTOS S.A. (the “Parties”).

The Parties have declared they will hold discussions to work out the legal and technical assumptions and conditions for the Project execution as well as the terms of its financing. The scope of the Project includes the analysis and selection of an optimal unit configuration (technology, efficiency, power) and its location.

If the Project is given a go-ahead, the Parties have declared they would prepare a draft joint venture agreement setting the terms of their cooperation on the Project, as well as drafts of any other arrangements and agreements necessary to carry it out.

The Letter of Intent is binding on the Parties until relevant agreements are signed, but not later than until December 31st 2021.

Legal basis: Article 17(1) of MAR – Inside information.