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Supporting energy efficiency in Polish energy sector
Dalkia Termika and EBRD acquire majority in Poznan heat and power plant
The restructuring of the Polish energy sector will take a step forward with
the privatisation of Zespol Elektrocieplowni Poznan (ZEC), the combined heat
and power plant in Poznan, one of the country’s largest cities. Dalkia, via
its Polish affiliates Dalkia Termika and PEC Poznan, and the EBRD are buying
an 85 per cent stake in the company for PLN350 million (€74 million), with the
Bank contributing PLN86.7 million in equity (€18.3 million). The remaining 15
per cent of ZEC shares are reserved for company employees.
Dalkia Termika is jointly owned by Dalkia International and the EBRD. In 2002
it acquired PEC Poznan, the district heating network operator of the city and
ZEC’s biggest heat customer. Cogeneration is the most efficient way to produce
heat and power. The takeover of ZEC will now help Dalkia Termika realise its
strategy to integrate the production and distribution of heat in one business
unit and thus to improve energy efficiency. It positions Dalkia to become a
leader in the large Polish thermal energy market.
The acquisition of ZEC will be followed by an investment programme to
modernise operations and improve the environmental performance of the
company’s heat and energy production. ZEC will thus be able to comply with the
new EU regulations on dust (entering into force in January 2006) and SO2
emissions (January 2008). By year-end 2010 a total of PLN150 (€31.6 million)
will be invested, including PLN75 million (€15.8 million) for environmental
purposes.
Jacquelin Ligot, Director of EBRD’s Energy Efficiency Team, welcomed the
agreement: “We support this operation not only because a privatisation of a
major energy asset contributes to the transition process; but also because it
will improve energy efficiency and the environmental performance of the
plant”. Marie-Françoise Pépin, CEO of Dalkia Termika added: “This acquisition
is an important milestone for Dalkia’s growth strategy in the Polish energy
market, which holds high potential for our Group. It will enable us to achieve
significant synergies with the district heating system acquired two years ago.”
The French company Dalkia is one of the largest players in the global energy
services market. Dalkia International is the vehicle for activities outside
France, which are growing strongly in the EBRD’s countries of operations. The
Bank is committed to support the privatisation of the still largely
state-owned Polish energy sector. Since its establishment in 1991, the EBRD
has invested some €3 billion in Poland.
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