33.7 Significant events after the reporting period
On March 7, 2023, PGE S.A. entered into a preliminary agreement with ZE PAK S.A. regarding the establishment of a joint special purpose vehicle. In order to cooperate directly on the project to build a nuclear power plant based on Korean APR1400 technology, PGE S.A. and ZE PAK S.A. intend to jointly establish a special purpose vehicle in the form of a joint stock company based in Konin, which will then purchase or acquire shares in a company tasked with implementing the nuclear power plant project with the potential participation of a technology partner.
The agreement summarises the basic terms of cooperation between the Parties in respect of a joint venture to participate in the development of an investment for the construction of a nuclear power plant, including the definition of the corporate governance and operations of the SPV and restrictions on the disposal of shares in the SPV. PGE S.A. and ZE PAK S.A. will hold an equal number of shares in the SPV and the corporate rules will be based on the principle of joint control.
The creation of the special purpose vehicle is subject to the approval of the President of the Office of Competition and Consumer Protection for the concentration. PGE S.A. and ZE PAK S.A. intend to notify the intention of concentration without delay.
At the same time, it is planned that the SPV, as part of the next phase of cooperation, will prepare:
- a feasibility study,
- land surveys,
- Environmental Impact Assessment for the planned construction of a Nuclear Power Plant.