Greenberg Traurig is advising the Polsat Plus Group in connection with the planned acquisition by Cyfrowy Polsat S.A. of the green assets of ZE PAK – shares in PAK-Polska Czysta Energia sp. z o.o. representing 67 percent of the company’s share capital and shares in Port Praski sp. z o.o. representing approximately 66.94% of the share capital.
The total price for the PAK PCE shares and the newly issued PAK PCE shares associated with a contribution in kind in the form of ZCP Elektrownia Konin will exceed PLN 800 million. The total price for the shares in Port Praski is approximately PLN 880 million.
The closing of the transactions is subject to the fulfilment of the conditions precedent outlined in the preliminary agreements.
According to the new strategy announced by the Polsat Plus Group, the planned investments in the development of clean energy will amount to approximately PLN 5 billion by 2026, which would enable generation capacity to reach 1000 MW, and approximately PLN 0.5 billion in the construction of the value chain of an economy based on the fuel of the future – hydrogen.
Investment in the green assets of ZE PAK is also accompanied by further development in the area of real estate and the acquisition of shares in the Port Praski project. Port Praski is a unique location in Poland and Europe with 38 hectares of investment land and 800 thousand sqm of development in the centre of Warsaw.
“The acquisition of the green assets of ZE PAK and the investment in Port Praski represent the next stage of the strategic development of the Polsat Plus Group with the support of Greenberg Traurig. This transaction perfectly illustrates how important ESG and sustainable development are nowadays. It is also an ideal example of the synergy between Greenberg Traurig’s leading practices,” said Daniel Kaczorowski, Partner in Greenberg Traurig’s Warsaw office.
Greenberg Traurig is providing comprehensive legal advice on the transactions.
The transactions are led by Partner Daniel Kaczorowski, supported by Senior Associates Agnieszka Stopińska and Paulina Kimla-Kaczorowska and Associate Michał Kuratowski.
The Polsat Plus Group, whose founder and largest shareholder is Zygmunt Solorz, is adding the production of clean energy to its most important pillars – telecommunications and content – as part of its multiplay strategy of providing Polish residents with high-quality service at a reasonable price in the segment of first-rate services. This fits in with the ESG idea of building the value of the Polsat Plus Group in a sustainable manner that takes into account and addresses environmental, social and business issues responsibly and transparently.
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