Pątnów II power project gets a helping hand

According to a report in Parkiet, banks and Canadian SNC Lavalen (the main contractor of the Pątnów II investment in power plant ZE PAK), have reached an agreement concerning the further financing of the works. SNC took over Elektrim Megadex's obligations and is now engaged in negotiations with financial institutions. So far, the parties have agreed on technical and legal issues, but they are still negotiating the tax agreement. "The project is now financially viable. It happened thanks to promises from SNC and Zygmunt Solorz, who guaranteed that they would make sure the investment was concluded," stressed one of Parkiet's informers. The loan should be granted by the end of June and amount to a several hundred million euro. Solorz refused to comment on the report (Parkiet, p. 3) M.M.