KONIN, POLAND - October 20, 2005 - Export Development Canada (EDC) announced today the funding of its participation as an Arranger in a Euro 226.5 million Term Facility for Zespol Elektrowni Patnow-Adamow-Konin S.A.'s (PAK) Patnow II Power Project, located in Konin, Poland. EDC's participation will provide direct loans up to Euro 50 million for the project.
"EDC's support of this project highlights our ability to facilitate the growth of export trade between Canada and Poland by providing innovative trade finance services," said Benoit Daignault, EDC Senior Vice-President, Business Development. "It's also an opportunity for EDC to establish and strengthen key relationships, banking partnerships and a lender presence in the Central European market that will benefit both Canadian and Polish business."
The project replaces two decommissioned generating units with a state-of-the-art power plant. EDC will provide funding to the senior debt facility to support PAK's commitment to modernize its group of power plants. This significant modernization project will improve overall efficiency of the PAK group and ensure compliance to European Union environmental standards.
"We are very pleased to play a prominent role in the design and construction of this highly efficient electrical generation plant," said Jacques Lamarre, SNC-Lavalin President and Chief Executive Officer. "When completed, Patnow II will be one of the lowest cost and cleanest power generators in the newly liberalized Polish power market."
This landmark project represents EDC's most significant transaction in Poland to date. It signals what should be a long and prosperous future for Canadian exporters looking to gain access to emerging markets in Central Europe.
EDC has appointed Ms. Marzena Koczut to lead EDC's business development efforts in Central Europe. Ms. Koczut will work closely with the Canadian Embassy in Warsaw to increase awareness of Canadian capabilities in the Polish marketplace and increase trade with Poland and other countries in the region.
"EDC is open for business in Poland," said Ms. Koczut. We're ready to provide financing, insurance and bonding solutions to both Canadian and Polish entrepreneurs looking to capitalize on emerging trade opportunities," she added. "Starting this fall, I will be working with Canadian and Polish companies to pave the road for a long and prosperous future for both countries."
Ms. Koczut can be reached through the Canadian Embassy in Warsaw at 48 22 5843240 or by e-mail at koczut@edc.ca.
Export Development Canada (EDC) is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by 7,000 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and is a recognized leader in financial reporting, economic analysis and human resource management.
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Media contact:
Phil TaylorEDC Public Affairs (613) 598-2904 ptaylor@edc.ca
