BGK buys 14 pct stake in Marguerite I from PKO BP

BGK, the state development bank, bought stake in the pan-European fund Marguerite I from PKO BP on Friday. The fund (2020 European Fund for Energy, Climate Change and Infrastructure) has been financing major infrastructure projects. It's the first financing model in the EU history for projects in the area of ​​roads, energy and renewable energy infrastructure. Six major investors, including BGK, which replaced PKO BP, the European Investment Bank and the European Commission owe it. BGK holds now about 14 percent stake in the fund, which accumulated about 710 million euros. During the last eight years the accumulated funds have been fully invested according to PKO BP. With the participation of Marguerite I it was possible to construct a waste incineration plant in Poznań, the largest project implemented so far in Poland in the formula of Public-Private Partnership. The total construction cost of the installation amounted to  PLN 832 million .