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New strategy of Polenergia Group 2020-2024

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New strategy of Polenergia Group 2020-2024

Polenergia, similarly to its shareholders, not only strives to grow in the economic sense but is also driven by social responsibility for the current and future generations.

That is why, at the outset of a huge transformation of the Polish energy market, it is the ambition and mission of the Group to support efforts related to the process of the Polish energy transformation and the development of a low-emission economy. The main goals which the Company will be pursuing in the coming five years include the generation of shareholder value as well as further organic growth by developing offshore, onshore wind farms and photovoltaic farms.

We are now stronger than ever before, and we are ready to shape the future of the energy market in Poland. After the full implementation of the strategy, we will strengthen our position among the leaders of the renewable energy market. We will not only be a group with an increased scale of business in terms of installed generation capacity and financial performance but first of all a group with a huge growth potential arising from continued organic growth of the renewable project and assuming a position allowing for development based on generation and combustion of hydrogen.

Michał Michalski, Ph.D.

CEO of Polenergia

The Polish energy transformation cannot do without the commitment to the completion of the wind farm projects on the Baltic Sea. Therefore, Polenergia and Equinor, as the leaders of the Polish offshore wind farms market, are planning to grow further and to achieve readiness for the construction of 1,440MW on the Baltic Sea by the year 2023. A prerequisite for that is the enactment and entry into force of an appropriate regulatory scheme. Furthermore, the Company is planning to complete onshore wind farm and photovoltaic farm projects of the total capacity of 315 MW by 2024, of which 186 MW relates to onshore wind farm projects which have received support in the most recent auctions.

According to the new strategy, to effectively balance the generation portfolio, Polenergia will be developing advanced gas technologies, investing in co-generation units supplying power for industrial clients. Such investments will also constitute a foothold for the great hydrogen transformation, which the Group wishes to be fully prepared in the coming years. The existing combined heat and power plant in Nowa Sarzyna as well as the planned new gas units are to be ready to burn green hydrogen, which will contribute to the transition of the Group to a zero-emission energy group in the future.

The further growth of the housing market will enable the Group to increase its customer base, whom Polenergia will be providing distribution services and selling electrical energy originating from its own generation assets. Green energy will be delivered directly to business customers and retail customers based on a model closely tailored to their needs. The Group will also expand its product range by adding new services, such as photovoltaic installations for prosumers as well as electric car charging stations.

The Group has already secured funding for the implementation of a part of the strategy. It originates from the profits generated by the operating assets and from a loan made by the leading shareholder. However, the implementation of the Group’s strategy requires additional funding at a level of at least PLN 0.5bn. This amount does not include the outlays on the construction of the Baltic II Offshore Wind farm and Baltic III Offshore Wind Farm, now estimated at no less than PLN 2.6bn, involving debt financing.  The decision regarding the extent and manner of involvement of Polenergia in the construction and operational phases of the offshore wind farms will be made at a later stage, considering the appraisal of the projects and the availability of funding sources.

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