Enefit Green signs agreement for early-stage onshore Polish wind projects

Enefit Green’s subsidiary Enefit Green sp. z o.o. and Polish development company - RES Global Investment sp. z o.o. have signed a development service agreement that will see Enefit Green sp. z o.o. acquiring 100% of development rights in multiple early-stage onshore wind projects in Poland.

The signed agreement covers eight separate early-stage onshore wind projects with a targeted total installed capacity of up to 360MW.

The start of construction of these projects is estimated to be no sooner than 2028 with start of operation no sooner than in 2030. According to current expectations the completed projects will operate under market conditions or a power purchase arrangement to be entered into at the time of investment decision.

Andres Maasing, a member of the Enefit Green board commented in a release, “Enefit Green has been for a while looking for ways to grow its renewable energy portfolio in Poland, where the company has been operating since 2019. In the current market situation, it is key to find opportunities for smart and sustainable business growth.

“Up until now we have focused on expanding [our] solar energy portfolio in Poland. The acquired early-stage wind development projects portfolio will provide us an opportunity to expand into the wind sector.”

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Anna Kosińska, board member of RES Global Investment added, “We find this transaction very important as this is the first deal with such a big portfolio after the new opening for the wind farm industry in Poland. The transaction is part of our wind portfolio expansion strategy, and we are very glad that we could make it with such a renowned investor."

Total estimated investments amount to ca €80 million ($85.2 million), which includes the project acquisition cost and other development costs needed to achieve “ready to build” status for all projects in the scope. The timing and size of the payments of the acquisition cost depends on the achievement of certain development milestones established in the executed agreement and the relevant grid requirements.

Enefit Green entered the Polish renewable energy market in June 2019 by acquiring solar park projects with total capacity of 19MW. In addition, the company has recently finished construction of two additional solar parks. One is in full operation and the other is in the final stage of commissioning.

The company currently has 20 solar parks with a total capacity of 27MW in operation in Poland and Debnik solar park with a total capacity of 6MW under final commissioning.

Enefit Green regards Poland as a crucial market for the development of renewable energy sources and has long-term plans for growth.