ELEKTROBUDOWA SA - Report

The Management Board of ELEKTROBUDOWA SA inform that today a contract has been signed between PGE Energia Odnawialna S.A. having its registered office in Warsaw, hereinafter referred to as "Purchaser", and the Consortium of: Mega S.A. having its registered office in Gdynia (Leader) and ELEKTROBUDOWA SA (Partner) hereinafter referred to as "Contractor" for execution of the project named "Engineering and construction of the Resko Wind Farm Stage II of total installed capacity 76 MW, including output lead connection".

The scope to be performed by ELEKTROBUDOWA SA includes engineering and civil construction works relating to MV cable lines and the End-User Substation.The total contract price for good performance of the contract is 66,380,000.00 PLN net, of which 26,912,000.00 PLN net for ELEKTROBUDOWA SA.The works shall be commenced within 5 days since signing the contract.

The object of the contract shall be put to operation within 70 weeks since an advance is paid by the Purchaser, what is expected in November 2014. Total amount of liquidated damages calculated separately for not meeting the contractual times for completion of works specified in the contract shall not exceed 30% of the net contract price.

In the case of withdrawal from the contract or its part for the reasons attributable to the Contractor, the Contractor shall pay the Purchaser contractual penalty in the amount of 30% of the net contract price. The contractual penalties payable to the Purchaser for different titles do not preclude one another and are cumulative.

The Purchaser shall have the right to claim for additional compensation on general terms, if the amount of liquidated damages stipulated in the contract did not cover the whole damage or the damage was caused by reasons other than those for which the liquidated damages are stipulated in the contract.

Other conditions of the contract do not differ from terms generally applied to this type of contracts.A contract is significant when its price exceeds 10% of equity of ELEKTROBUDOWA SA. Pursuant to Art. 5.1.3 of the Regulation of the Minister of Finance dated 19 February 2009 on current and interim information.

More information on page: biznes.pap.pl

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