The project is being developed by Solarfarm and comprises preparatory work, construction and installation, grid connection, commissioning and potential operation of the power plant. The PV Project may be acquired by Grupa Azoty S.A. or its subsidiary once Grupa Azoty S.A. and the other parties to the agreement have agreed on the target business model and technical and economic parameters and once the conditions precedent agreed upon during negotiations have been met.

The agreement sets out the terms and conditions for conducting exclusive negotiations aimed at closing the transaction and establishing the terms of the collaboration. Pursuant to the agreement, key parameters necessary for closing the transaction and enabling the collaboration will be defined. These include the financial model and technical and economic parameters of the PV Project, including the purchase price of Solarfarm shares.

If the transaction is closed, it will significantly contribute to achieving the goals outlined in the part of Grupa Azoty’s Strategy 2030 where it provides for the acquisition of own renewable energy sources.

In line with Grupa Azoty’s stated strategy until 2030 and its key project Green Azoty, the Group is consistently working to diversify its energy sources, also into renewables. This is another step towards reducing the carbon footprint of finished products and our response to the needs communicated by our customers. As we said earlier, when it comes to investments in renewables, we may engage in third-party projects provided, of course, they meet the requirements of our plants and processes. The agreement paves the way for us to acquire a running PV project, which is contingent on the fulfilment of the key conditions stipulated in the agreement,’ said Filip Grzegorczyk, Vice President of the Management Board of Grupa Azoty S.A.

Grupa Azoty expects the new renewable energy sources to deliver a total of about 380 MW in 2030. According to Grupa Azoty’s estimates, the planned projects will allow it to save more than PLN 200m per year it would otherwise have to spend on electricity purchases, and the average share of renewables in electricity production will reach 40% by 2030.