BGK co-finances Grupa Azoty CHP plant

Fertilizer producer Grupa Azoty Zakłady Azotowe Kędzierzyn (Grupa Azoty ZAK) has signed an agreement with state-owned lender Bank Gospodarstwa Krajowego (BGK) on a PLN 256 million term loan, the bank said in a statement on Wednesday. The financing is part of the Polish Investments program. The loan will be used in the financing of the construction of a combined heat and power plant and will constitute 80 percent of the value of a contract signed will industrial construction company Rafako. The financing period ends on June 30, 2014. “The construction of a new CHP plant by Grupa Azoty ZAK is a huge investment challenge in a tight time framework. The agreement signed with BGK allows for the necessary and timely carrying out of planned activities,” said Adam Leszkiewicz, CEO of the chemical firm.