Tauron secures PLN 880 mln financing from PFR

WSE-listed power group Tauron secured PLN 880 million financing from two funds managed by state-run Polish Development Fund for its 910 MW Jaworzno project, the company said in a market filing. The two funds will contribute PLN 440 million each. The joint share of funds in the SPV  should amount to 14 percent, while Tauron’s stake won’t be lower than 50 percent plus one share. Both sides agreed to the seven-year lock-up period. Afterward, Tauron will have the right to acquire all the shares held by the funds in the SPV at the price agreed upon by the contract parties. According to Tauron, the project development is going according to plan.. At the end of 2017, the investment was completed in 54 percent.