Grenevia has secured PLN 850 million in funding
Grenevia SA has concluded a loan agreement with a consortium of banks for PLN 850 million. These funds will provide flexible and stable financing for the Group's green transformation and will replace current bank funding sources and bonds totalling approx. PLN 930 million.
Grenevia SA entered into a loan agreement with a consortium of banks – Pekao SA, PKO BP SA and BNP Paribas Bank Polska SA. The loan is divided into two tranches – Tranche A of PLN 700 million with Sustainability-Linked Loan (SLL) financing and Tranche B of PLN 150 million.
The funds raised under Tranche A will primarily be used to finance investments made in line with the company's business transformation strategy, such as the development or modernisation of projects or acquisitions of shares in other entities, as well as the early redemption of bonds issued in 2021. This financing can also be used for the non-mining activities of the FAMUR segment of the Grenevia Group, particularly focusing on the wind power sector. Such projects are carried out within the FAMUR Gearo division.
In turn, the purpose of Tranche B is to finance the general corporate needs of the FAMUR segment and to refinance existing short-term loans.
The agreement concluded with the consortium of banks is an important step from the point of view of the further development of the Grenevia Group. It allows us to provide medium-term, flexible financing that will support both the traditional part of our business and the green transformation of our other segments.
Beata Zawiszowska, CEO of Grenevia SA
The term of the loan was set by the parties to the agreement at three years from the signing of the agreement, with the possibility of an automatic extension for a further two years if certain conditions were met. A further two-year extension is possible with the approval of the lenders.
As the financing vehicle is an SLL, the parties provided in the Tranche A agreement for the possibility to change the level of margin depending on the achievement of the sustainability targets (KPIs) indicated in the agreement. The Company, together with BNP Paribas Bank as Sustainability Coordinator and other lenders, has set 3 targets for:
- increasing the Group's use of renewable energy (RES),
- the Group's contribution to the emergence of new renewable energy sources (RES),
- assessment and verification of the Group's key suppliers in environmental, social and governance quality (ESG) aspects.
In the process of working out the terms and conditions of the transaction, the company cooperated with the advisors: Ernst & Young sp. z o.o. Corporate Finance sp.k. and Deloitte Legal, Ostrowski, Gizicki i Wspólnicy sp.k.
The Grenevia Group is an active investor integrating and growing its business in four segments: large-scale photovoltaics, wind energy and energy storage ("RES") concentrated in the Projekt Solartechnik Group; battery systems for e-mobility and energy storage ("e-mobility") as Impact Clean Power Technology SA; modern solutions for the energy distribution sector ("power industry") within Elgór+Hansen SA; and solutions for the mining and wind energy sector under the FAMUR brand. These business segments have operational and financial autonomy. Grenevia SA is headed by Grenevia Holding, an operationally separate part of the company, which is responsible for raising external financing for its own needs, allocating capital between segments, providing financial support to segments in various forms for their development and performing management and supervisory functions.
The Grenevia Group is consistently implementing the 2023-2030 Sustainability Strategy in its operations, adopted across all its segments. After the first half of 2024, 62% of the Grenevia Group's revenue (including revenue from the sales of photovoltaic farms categorised as fixed assets) originated from sources other than the steam coal segment.