ZE PAK and Sołowow's SGE sign deal for six SMR reactors at Pątnów

The agreement

ZE PAK said on Tuesday, 13 October 2026 that it had signed a shareholder agreement with SGE (Synthos Green Energy), the company controlled by Michał Sołowow, to prepare and build small modular reactors (SMR) at Pątnów, near Konin. The plan covers up to six BWRX-300 units, each around 300 MW, for a combined capacity of about 1,800 MW. The parties will set up a special purpose vehicle (SPV), a joint-stock company, once the required antimonopoly approvals are obtained. SGE will hold the majority stake and act as managing partner, while ZE PAK takes a minority stake and contributes rights to the land.

The company's statement describes the aim of the deal:

The aim of the agreement is to define the principles of cooperation between the parties, in particular the rights and obligations of the shareholders and the principles for further development of the SMR project, including steps toward creating the SPV, the rules for financing the SPV's activities and the contribution of the agreed assets to it.

Background at Pątnów

Business Insider reports that Zygmunt Solorz had earlier planned SMRs with Michał Sołowow, but ZE PAK went for large-scale nuclear with the State Treasury and Korean partners instead. Piotr Żak, now president of key companies in the family group including ZE PAK, has revived the concept. According to wnp.pl, Korea Hydro & Nuclear Power had planned reactors at the site before withdrawing, and the location is also considered for the government's second large nuclear plant. The project will be built on post-mining land, Głos Wielkopolski reports.

Land and payment terms

ZE PAK's contribution is land it owns, partly transferred in kind to the SPV and partly sold for PLN 300 million net. That price can be cut by up to PLN 50 million net, depending on the actual cost of preparing the site. Payments are scheduled in tranches from 2028 to 2030, when the land is planned to be handed over to the SPV. If the SPV reaches agreed milestones before the fifth year after its founding, ZE PAK's side may sell all its SPV shares to SGE under a put option priced at EUR 100 million. Except for material breaches of obligations, SGE would have no right to buy out those shares.

Share price reaction

ZE PAK shares rose about 3.5% to PLN 19.4 on the Warsaw Stock Exchange (GPW) after the announcement, the highest level since the second half of April. The WIG index gained only 0.3% over the same stretch. Trading picked up sharply: by around 12:30, 39,000 shares had changed hands for about PLN 740,000, against a three-month average of 7,500 shares per full session. With market capitalisation close to PLN 1 billion and free float of about 9.2%, the volume is modest in absolute terms but a clear step up.

ZE PAK shares

3.5

WIG index

0.3

ZE PAK shares

3.5 %

WIG index

0.3 %

Solorz family tender

The Solorz family controls ZE PAK through Argumenol, a Cyprus-based vehicle holding 65.96% of the share capital. In early October 2026 Argumenol announced its intention to make a tender offer for all remaining ZE PAK shares. It aims to acquire almost 17.3 million shares, reach at least 95% of votes at the general meeting, then carry out a squeeze-out and withdraw ZE PAK from trading on the GPW. The move is justified by an advanced stage of transformation of the business model, including the exit from lignite, the fuel the Pątnów plant was built on. Other large holders are OFE PZU (9.12%), NN OFE (8.86%) and PTE Allianz (6.87%).

Key dates

The sequence runs from the early October tender announcement through the agreement signed on 13 October 2026 to land payments in 2028 to 2030. The SPV cannot be formed before antimonopoly clearance, which the parties still need to obtain. The put option window runs until the fifth year after the SPV is founded.

1. Early October 2026Argumenol announces intention to tender for all remaining ZE PAK shares
2. Oct 13, 2026ZE PAK and SGE sign shareholder agreement on the SMR project at Pątnów
3. 2028 to 2030Land sale paid in tranches, with handover to the SPV planned by 2030
4. Fifth year after SPV foundingMilestones must be reached before this point for the put option to apply