October 27, 2016 / 2:16 PM / 3 years ago

BRIEF-Poland's Tauron, PGNiG agree terms to complete gas-fired unit

Oct 27 (Reuters) - Tauron Polska Energia, PGNiG :

* Poland’s state-run electric utility Tauron and dominant gas firm PGNiG have agreed conditions to complete a 400 megawatt (MW) gas-fired unit in the Stalowa Wola heat-power plant, the two companies said on Thursday.

* Tauron said in a statement the cost of completing the unit amounts to about 400 million zlotys and the firm expects that it will start operating in 2019.

* Partners in the project, which also include the European Investment Bank and the European Bank of Reconstruction and Development as well as bank Pekao have also agreed a credit standstill agreement until the end of March 2017, Tauron said.

* “We assume that until then (end of March 2017) we will complete negotiations and sign an agreement regarding restructuring of the project’s financing,” PGNiG Chief Executive Piotr Wozniak was quoted by Tauron in a statement. Source text for Eikon: Further company coverage: (Reporting by Marcin Goettig)

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