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Block in Jaworzno. PFR and Polimex want to buy Rafako shares

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PFR TFI and Polimex Mostostal may form a consortium aimed at acquiring Rafako shares, according to the letter of intent signed on Wednesday. This is to be a step towards the effective repair of the Tauron power unit in Jaworzno, which is being implemented by Rafako.

The 910 MW coal-fired unit at the Jaworzno III Power Plant, built at a cost of over PLN 6 billion, was delayed in November 2020. In June this year. was shut down due to faults currently being repaired by contractors from the Rafako-Mostostal Warszawa consortium. With the participation of the General Prosecutor’s Office, mediations are underway between Tauron and the block’s contractor.

Letter of intent on the purchase of Rafako shares

A few weeks ago, the parties agreed on a schedule of repair work, according to which the block is to be launched by February 25, 2022. At the same time, Tauron informed that it was not planning any capital involvement in the company Rafako, which was the contractor of the block and is repairing it.

In Wednesday’s statement, Tauron confirmed that it would not take an active part in the consortium that could buy Rafako shares.

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“The Group’s strategy does not provide for investments in companies from the energy construction sector, so we do not assume active participation in the consortium,” Tauron informed.

The company Nowe Jaworzno Grupa Tauron (NJGT), owned by Tauron, is one of the signatories of the letter of intent regarding the potential formation of a consortium aimed at the acquisition of Rafako shares by PFR Towarzystwo Funduszy Inwestycyjnych and Polimex Mostostal.

“The role of NJGT in the consortium will involve examining the risks related to Rafako’s situation in the context of the repair of the 910 MW unit in Jaworzno,” Tauron, who will not be financially involved in this process, said.

“The letter of intent signed today is a step towards completing the repair of the 910 MW unit in Jaworzno in cooperation with the general contractor of the investment. Our involvement will allow potential consortium participants to assess the risks associated with involvement in Rafako by obtaining complete information on the status of repair work on the unit” – informed Artur Michałowski, the acting president of Tauron, quoted in the press release.

He added that Tauron’s priority is to complete the repair of the block in accordance with the schedule set in August, i.e. in February next year at the latest.

Block stop in Jaworzno

In June this year, during the block’s current shutdown, the necessity to repair essential parts of the boiler was diagnosed. Repair works, carried out in the area of ​​the furnace chamber, are to lead to the restart of the unit and a permanent improvement of the unit’s operation in the long term.

Working at full capacity, the unit in Jaworzno will be able to produce about 6.5 terawatt hours of electricity per year, using up to 2.5 million tons of coal. Ultimately, the block in Jaworzno will reach a technical minimum of 37 percent.

A few weeks ago, Tauron announced in a stock exchange communiqué that it had received a statement in which Rafako made the smooth completion of work dependent on Tauron’s capital involvement in the company. The Tauron group stated at the time that it was not interested in this and was not conducting any discussions on the matter. According to the letter of intent signed on Wednesday, Rafako’s shares could be bought by the future consortium of PFR TFI and Polimex Mostostal.

Main photo source: tauron.pl

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