New energy group EPSO-G (hereinafter referred to as the Group) (company code 302826889, registered office at Laisvės pr. 10, Vilnius, Lithuania)
EPSO-G and Amber Grid, a company belonging to the Group, have signed an agreement under which the previously granted 12-month short-term loan of EUR 50 million will be replaced by a long-term loan with a maturity of 5 years. The entire long-term loan will be repaid at the end of the term.
The borrowing requirement was driven by investments in long-term assets and a EUR 28.8 million payment to Polish gas transmission system operator GAZ-System for the GIPL gas pipeline infrastructure. This payment is related to cross-border cost allocation (CBCA) under the European Union mechanism, which aims to fairly allocate infrastructure investment costs among beneficiary countries. This payment reflects Amber Grid’s financial obligations under the aforementioned EU mechanism.
The reclassification of the loan to long-term will have a positive impact on Amber Grid’s short-term liquidity ratios.
EPSO-G Group consists of the management company EPSO-G and six directly owned subsidiaries: Amber Grid, Baltpool, Energy Cells, EPSO-G Invest, Litgrid, and Tetas. EPSO-G and the Group companies also hold shares in GET Baltic, Rheinmetall Defence Lietuva, Baltic RCC OÜ, and TSO Holding AS. The rights and obligations of the sole shareholder of EPSO-G are exercised by the Ministry of Energy.
For more information
Tomas Basarovas, EPSO-G Communications Partner
Tel. +370 637 68039, e-mail tomas.basarovas@epsog.lt
