Photon Energy a.s. announces the formation of two project companies for the realisation of a 15 MWp PV plant
29-12-2009
The management board of Photon Energy a.s. on 29 December announces that on 23 December 2009 the companies Solarpark Mikulov I s.r.o. (“SM I") and Solarpark Mikulov II s.r.o. (“SM II") were incorporated. Photon Energy holds a 49% equity stake in SM I, which has a base capital of CZK 200,000 (EUR 7,576 or PLN 31,606) and a 30% equity stake in SM II, which has a base capital of CZK 300,000 (EUR 11,364 or PLN 47,408). Both companies are domiciled in Prague.
Following the conditions of a Letter of Intent signed between Photon Energy a.s., Deutsche Bank AG and Bottling s.r.o. on 14 July 2009, SM I and SM II were established as project companies for the development and completion of a 5 MWp and a 10 MWp photovoltaic power plant (the “Project") in the municipality of Mikulov in the South-East of the Czech Republic. Whereas under the Letter of Intent it is Bottling s.r.o.'s responsibility to secure the land, grid connection and permits required for the Project and Deutsche Bank AG's responsibility being to provide financing for the Project subject to successful development progress, it will be Photon Energy's responsibility to deliver the photovoltaic power plant turn-key under an EPC contract to SM I. At the same time Photon Energy will construct the photovoltaic power plant for SM II and will participate with 30% of the profit generated upon the sale of SM II to the end-investor. Photon Energy will grant Deutsche Bank AG a call option to acquire its 49% equity stake in SM I at nominal value.
Photon Energy's management board notes that upon the realisation of the Project the company will significantly strengthen its position among the leading PV developers and EPC contractors in the Czech Republic.
Photon Energy and its board members are unrelated to Deutsche Bank AG and the principals of Bottling s.r.o.
Legal basis: Article 3 point 1 of the Annex 1 to Resolution No. 346/2007 of the Warsaw Stock Exchange Management Board dated 30 May 2007 "Current and Periodical Information in the Alternative Trading System".
Following the conditions of a Letter of Intent signed between Photon Energy a.s., Deutsche Bank AG and Bottling s.r.o. on 14 July 2009, SM I and SM II were established as project companies for the development and completion of a 5 MWp and a 10 MWp photovoltaic power plant (the “Project") in the municipality of Mikulov in the South-East of the Czech Republic. Whereas under the Letter of Intent it is Bottling s.r.o.'s responsibility to secure the land, grid connection and permits required for the Project and Deutsche Bank AG's responsibility being to provide financing for the Project subject to successful development progress, it will be Photon Energy's responsibility to deliver the photovoltaic power plant turn-key under an EPC contract to SM I. At the same time Photon Energy will construct the photovoltaic power plant for SM II and will participate with 30% of the profit generated upon the sale of SM II to the end-investor. Photon Energy will grant Deutsche Bank AG a call option to acquire its 49% equity stake in SM I at nominal value.
Photon Energy's management board notes that upon the realisation of the Project the company will significantly strengthen its position among the leading PV developers and EPC contractors in the Czech Republic.
Photon Energy and its board members are unrelated to Deutsche Bank AG and the principals of Bottling s.r.o.
Legal basis: Article 3 point 1 of the Annex 1 to Resolution No. 346/2007 of the Warsaw Stock Exchange Management Board dated 30 May 2007 "Current and Periodical Information in the Alternative Trading System".
