Bank consortium agrees $392 million loan for Patnow II power project
A consortium of the European Bank for Reconstruction and Development (EBRD),
Citigroup, and WestLB is to provide a loan of $392 million to the Patnow-Ad
amow-Konin Power Group (ZE PAK) for financing the construction of a new 460
MW power block. The block will be constructed at the Patnow power plant in
western Poland. Power and telecom conglomerate Elektrim, owner of a 38.46%
stake in ZE PAK, is responsible for carrying out the so-called Patnow II p
roject. The investment is secured under a contract with the Polish Power Gr
id (PSE), which has undertaken to buy power from the new block for a period
of 20 years. Under the terms of its agreement with the banking consortium,
ZE PAK must repay the loan within 14 years. (Puls Biznesu, p. 4) M.T.
