Kulczyk bids $202 million for green energy firm PEP

August 10, 2012 by  
Filed under Green Energy News

Warsaw |
Fri Aug 10, 2012 10:05pm IST

Warsaw (Reuters) – Jan Kulczyk, Poland’s richest man, has offered 671 million zlotys ($202 million) for green energy firm PEP PEPP.WA which put itself up for sale earlier this year.

Kulczyk Investments said on Friday wholly-owned subsidiary Polenergia Holding would offer 31.50 zlotys per PEP share. The stock closed 6 percent higher at 31.48 zlotys.

PEP declined to comment.

Sources told Reuters in May that PEP, which builds and operates wind farms and delivers biofuels to energy producers, had put itself up for sale. The stock has risen nearly a third in value since.

Earlier this week, a newspaper reported that Poland’s top utility, state-controlled PGE PGEP.WA, may also be interested in PEP.

Poland, which relies almost exclusively on coal for electricity generation, hopes to rely more on other sources of energy, including gas and wind power, to cut down on CO2 emissions and meet European Union quotas.

PEP operates wind farms with an 80 megawatt (MW) capacity and plans to add 100 MW next year. The group has scrapped its 2012 forecast of a 10 percent jump in net profit to 74 million zlotys.

PEP shares are mainly in the hands of pension funds Aviva OFE, Generali OFE and ING OFE and investment funds such as Pioneer Pekao Investment Management.

Polenergia, whose tender offer will start on August 28 and end on Sept 26, was advised by ING Securities.

(Reporting by Chris Borowski and Maciej Onoszko; Editing by Dan Lalor)

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