“We have significantly strengthened our presence in over 20 of the fastest growing renewable energy markets in Europe. Many of them are countries of Central and Eastern Europe or not belonging to the European Union. The use of the deferred payment option is crucial for the development of the activities of installation and distribution companies that are just entering the market”.
Marcin Ślęzak, Chief Commercial Officer at Menlo Electric
KUKE supports the green transformation
Cooperation with Menlo Electric is in line with KUKE's policy of supporting domestic companies in their foreign expansion, and at the same time contributing to the green transformation of the Polish and European economy.
“We are delighted to support Menlo Electric, which, thanks to its rapid development, is playing an increasingly important role in providing users across Europe with access to the latest and more efficient renewable energy technologies. KUKE enables Polish companies not only to safely offer deferred payment terms in relations with domestic and foreign buyers, but our insurance and bonding facilities also enable exporters to conduct investments, acquisitions and increase their payment credibility in the eyes of their suppliers”.
Janusz Władyczak, President and CEO of KUKE
Financing through factoring
Financing under domestic and export factoring will be provided by KUKE Finance, a subsidiary of KUKE.
“We see the progressive concentration of entities operating on the photovoltaic market, and Menlo Electric, due to its position, is one of the most important beneficiaries of this process. We hope to finance the company itself on an increasing scale, and through it, smaller distributors and installation companies from this industry in Poland and abroad, so that the market continues to grow despite various adversities, such as the recently rising costs of devices”.
Konrad Klimek, President and CEO of KUKE Finance
Broader cooperation with the Polish Development Fund Group
The agreement is part of a wider Menlo Electric financing program, led by the Company’s CFO Marta Walendzewicz.
“As we observe disruptions in international supply chains, ensuring that we have constant access to the highest quality goods requires an adequate level of working capital. That is why our goal this year is to secure financing worth over PLN 90 million. The agreement with KUKE and KUKE Finance is a milestone in the implementation of the program. We are also talking about wider cooperation with the Polish Development Fund Group, which KUKE and KUKE Finance are a part of”.
Marta Walendzewicz, Chief Financial Officer at Menlo Electric
Contract guarantees and payment guarantees support the performance of the contract
ON April 22, at the Gdańsk Remontowa Shiprepair Yard, an agreement was signed under which the shipyard received a guarantee limit of EUR 60 million from KUKE related to the performance of the contract for the construction of three Ro-Pax ferries. The units are being commissioned by Polskie Promy and from 2025 they will gradually service connections in the Baltic Sea. This is one of the largest orders placed at a Polish shipyard in the last 30 years.
Previously the Remontowa Shiprepair Yard obtained from KUKE performance guarantees for the proper performance of the contract, the beneficiary of which is the ordering party. The value of these guarantees amounts to EUR 48 million.
"The contract for the construction of Ro-Pax ferries is gaining momentum and we make it clear that KUKE's support is crucial here. Thanks to the performance guarantees, the contract has become final, and thanks to the payment guarantees obtained, we can count on financing from banks, which in turn is necessary for servicing contracts with suppliers and subcontractors. We have already secured the supply of energy systems and propulsion, and the project itself is being carried out according to the assumed schedule, which means that the first unit is to be delivered to the shipowner in 2025 ".
Michał Habina, President of the Gdańsk Remontowa Shiprepair Yard
"We are glad that we can participate in such an important undertaking, supporting this particular project of the Gdańsk Remontowa Shiprepair Yard and once again the Polish shipbuilding industry. Thanks to the use of solutions from the new export support system, we were able to jointly develop a transaction structure that ensures financing for each phase of construction of units, enabling safe and undisturbed performance of the contract. By assuming a significant part of the risk, we encourage domestic banks to open up more to financing the shipbuilding industry, which so far has been treated by them with great caution. We have excellent technologies, great professionals, the trust of Western shipowners and the potential to build more. However, the problem is to obtain appropriate financing in the form of guarantees and loans. May our new solutions and the Batory program change this situation for good".
Janusz Władyczak, CEO and President of KUKE
Ro-Pax low-emission ferries
Ro-Pax is a ferry that will be able to carry 400 people. The project includes: restaurant, bars, shop, playground for children and other amenities for passengers. The ferries will be low-emission, equipped with electrically controlled azimuth thrusters and bow thrusters, powered by LNG-powered generators operating in a hybrid system with battery support.
The units are to be 195.6 m long and 32.2 m wide. The length of the load line is 4.1 thousand. m and the maximum speed will be 19 knots. They will operate on the line between Świnoujście and Ystad, supporting the development of maritime transport.
Gdansk Remontowa Shiprepair Yard. is the largest company of the Polish shipbuilding group Remontowa Holding. It offers comprehensive technical solutions, the final products of which are fully equipped, modern ships. In addition to repairs and reconstructions, the Group has extensive experience in the design and construction of various vessels, including ferries, which were delivered, among others, by to Norway, Denmark, Estonia, Great Britain and Canada.
The project of building a new type of car-passenger ferries (Ro-Pax) is a strategic undertaking aimed at maintaining the market position and strengthening the competitiveness of Polish ferry operators, which is possible, among others, thanks to the solutions offered by KUKE.