Michał Sołowow, Poland’s wealthiest individual, has secured a new partnership with ZE PAK, led by Piotr Żak, to develop small modular reactors (SMRs) in Poland. This collaboration marks a significant step towards establishing a new source of energy in the country.
This partnership revives a similar initiative from five years ago when Zygmunt Solorz aimed to collaborate with Sołowow on SMRs, but the project faltered as ZE PAK shifted focus towards larger nuclear ventures in cooperation with the state and South Korean firms.
Now, the concept is returning under the stewardship of Piotr Żak, who has taken the helm of the family business, ZE PAK, following the succession process.
ZE PAK has signed an agreement with Sołowow’s company, SGE, to build six SMRs with a combined capacity of 1800 megawatts (MW). To facilitate this, a special company will be established to construct a new power plant in Pątnów, as detailed in ZE PAK’s recent stock market report.
Sołowow will contribute the rights to the BWRX-300 technology for the Pątnów site, while ZE PAK will provide the land required for the investment.
According to the report, part of the land prepared for the new project will be contributed in kind, with the remainder sold to the special purpose vehicle for a net price of 300 million PLN, which may be adjusted down by up to 50 million PLN based on the actual costs of site preparation.
Payments will be phased between 2028 and 2030, when the land is expected to be transferred to the special purpose company.
Pątnów has long been a key energy hub in Greater Poland. The SGE and ZE PAK project is set to transform the site of a current coal-fired power station into a modern energy source, maintaining its strategic importance in the national electricity system.
The new joint venture will leverage existing infrastructure and industrial support in Pątnów, alongside a skilled workforce in the energy sector.
Solorz Family Moves to Delist ZE PAK
In light of their nuclear ambitions, the Solorz family is considering taking ZE PAK public in Warsaw off the stock exchange, a move announced in early October.
The family controls ZE PAK through a Cypriot vehicle, Argumenol, holding 65.96% of the shares. Other significant shareholders include pension funds such as OFE PZU (9.12%), NN OFE (8.86%), and PTE Allianz (6.87%).
This Cypriot vehicle aims to gather ZE PAK shares and delist the company from the market, justifying the move by the advanced stage of transforming its business model, particularly the transition away from lignite, the fuel on which the Pątnów power plant currently operates.
ZE PAK is also constructing a gas-steam unit in Turku, expected to commence operations next year, and plans to build wind farms with a capacity of 500 MW in Opole province, with power expected to be generated from these facilities in five years.
Orlen Retains Exclusivity with Exceptions
Sołowow has been developing SMR projects with Orlen through their joint venture, OSGE, which holds exclusive rights for constructing small reactors in Poland. However, this agreement does not cover the Pątnów project with Piotr Żak.
Relations between Sołowow and Orlen have been strained, prompting negotiations to redefine their collaboration terms.
OSGE has already secured fundamental decisions for the construction of 26 reactors with a total capacity of approximately 7800 MW. Current efforts are focused on three sites: Włocławek, Monowskie Stawy, and Stalowa Wola, where a total of 14 reactors may be established.
The SGE and ZE PAK project in Pątnów will contribute an additional 1800 MW of generating capacity, independent of investments being carried out jointly with Orlen.
Sołowow’s Recent Achievements
Recently, Sołowow has finalized several important agreements related to his SMR fleet and partnerships with major global companies. In late September, he announced the involvement of a group of prominent Polish entrepreneurs who will invest a total of 500 million PLN into his nuclear project. Notable investors include Rafał Brzoska, Krzysztof Pawiński, Michał Wypychewicz, Dariusz Gałęzewski, Mati Staniszewski, Michał Brański, and Bruno Wejchert.
Sołowow has also signed an agreement in the UK to construct 14 reactors across three sites, totaling 4.2 GW in capacity.
The first BWRX-300 unit is currently under construction in Darlington, Canada, where four reactors are ultimately planned. Additionally, the U.S. Nuclear Regulatory Commission has granted permission to build the first SMR in Tennessee.
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