The definition of the Term Sheet is a continuation of steps taken in July 2022, when Grupa Azoty S.A. entered into an agreement to hold negotiations, on an exclusive basis, regarding potential acquisition of 100% of the share capital of Solarfarm Brzezinka sp. z o.o. Under the agreement, the parties expressed their intent to collaborate on the Brzezinka solar PV project with a power output of about 270 MWp.

“The definition of the term sheet confirms that we are getting closer to finalising the deal to purchase all shares in Solarfarm. This must of course be preceded by the fulfilment of key contractual conditions. I have no doubt that the investment will put us on track for the goals set in our strategic ‘Green Azoty’ project, in which we point to renewable energy projects as one of the paths we intend to follow in our climate neutrality and energy transition,” says Marek Wadowski, Vice President of the Management Board of Grupa Azoty S.A., President of Grupa Azoty Energia.

The Brzezinka solar farm, located in Brzezinka and Syców, together with infrastructure with a power output of 270 MWp or more, will be built as a turn-key project under an EPC contract planned to be concluded by Solarfarm with VSB Energie Odnawialne Polska sp. z o.o., a member of the VSB Group, as the general contractor.

The total value of the investment is estimated at ca. EUR 240m.

The execution of the Term Sheet does not give rise to any obligation to enter into the contemplated transaction, or any share purchase agreement, and is not binding on the parties.