The dynamically changing market and regulatory environment has made it impossible to implement the strategy adopted for 2023-27 in Grenevia's RES segment. This relates in particular to the planned scale of expansion into western and southern European markets, the number of PV farms planned for construction and Grenevia's significant financial exposure with an unsatisfactory rate of return on the capital employed.

The verification of the further feasibility of the existing RES segment strategy, as well as the difference in further visions for the development of PST between Grenevia and the minority shareholder, were among the key reasons for Grenevia SA's conclusion of an agreement with the Marcjanik Family Foundation and Maciej Marcjanik on 29 November to acquire a total of 34.8% of shares in PST.

The value of the transaction is approximately PLN 176 million, of which approximately PLN 96.7 million will be paid by the sellers to PST Group companies for, among other purposes, the settlement of the acquisition of shares in German PST Group companies, together with the repayment of their liabilities and other settlements.

The purchase of a stake in the capital of PST will allow the company to modify the activities implemented as part of its strategy and to abandon foreign expansion and focus on the development process of RES projects on the Polish market. It will also be possible to optimise the company's operating and financial models and, looking ahead towards the next few months, to review the strategic direction of the segment.

A preliminary agreement was also concluded on 29 November to acquire 25.23% of shares in Famur Solar sp. z o.o. – a company that is a shareholder of PST – from TDJ SA, for an amount of approximately PLN 55.2 million, which will indirectly constitute the acquisition of 12.83% of shares in the share capital of PST.

PST shares are the only significant asset of Famur Solar sp. z o.o. This company is not engaged in operating activities and has no significant liabilities. The acquisition of an indirect stake in PST (through Famur Solar Sp. z o.o.) from TDJ SA is aimed at tidying up assets and achieving a unified ownership structure within the Grenevia holding.

On behalf of the Management Board of Grenevia SA, an advisory entity from the so-called 'Big Four' carried out an independent assessment of the financial terms of the transaction (fairness opinion), confirming that the agreed prices for the acquired PST shares and shares in Famur Solar sp. z o.o. were fair.

After the transaction, Grenevia SA will reach the ownership – directly and indirectly – of 99.6% of the shares in the share capital of PST SA. The remaining 0.4% of shares are held by PST managers.

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PST Group – developer, operator of large-scale renewable energy sources (photovoltaic, wind and energy storage).  It has a portfolio of approximately 5.5 GW of RES project capacity at various stages of development, of which more than 3.2 GW of total project capacity with connection conditions (as at 30 September 2024). 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 PST 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.