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On July 30, 2019, PGE S.A., PGE EC S.A., PGE GiEK S.A. and PGE EO S.A. concluded an investment agreement with Towarzystwo Funduszy Inwestycyjnych Energia S.A. according to which a closed-end private equity fund was to be established under the name of “Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych Eko-Inwestycje”.
The fund will focus its activities on the implementation of investment projects of a complementary nature in relation to the core activity of the PGE Group, consistent with its strategy, aimed at the development of new business lines. The investment policy of the Fund provides for specific categories of Fund’s investments, market areas and criteria for managing the Fund’s assets in the selection of those investments. The fund will pursue its investment objective by investing funds in entities operating in market areas related to:
The assumed investment horizon covers a period of at least 5 years, unless the detailed investment conditions justify a shorter period.
Investors will be obliged to make payments to the Fund in the total amount of not less than PLN 1.5 billion until the end of the Fund adjustment period, i.e. until the end of the 36th month from the date of Fund registration, based on the schedule specified in the agreement, with the majority of payments falling in 2020. The funds transferred to the Fund will be derived, among other things, from the sale of a part of additional CO2 emission allowances. The Fund was established for an indefinite period. The Fund may be dissolved no sooner than after 7 years from entering the Fund in the register of investment funds.
