Estonian energy company Enefit Green announced on Friday (12 April) that its Polish subsidiary and Polish development company RES Global Investment have signed a development service agreement on onshore wind projects in Poland.
According to the agreement, Enefit Green will acquire 100 per cent of development rights in multiple early-stage onshore wind projects in Poland. The signed agreement covers 8 separate early-stage onshore wind projects with a targeted total installed capacity of up to 360 megawatts (MW).
“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. The signed development service agreement provides a strong wind pipeline and growth opportunities for Enefit Green in Poland to achieve such sustainable growth and build for a sustainable future,” said Andres Maasing, Member of Board of Enefit Green.
Maasing added that Enefit Green is the biggest wind energy producer in the Baltics with extensive experience in both operating and developing wind farms. “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 with an opportunity to expand into the wind sector,” Mr Maasing added.
The construction of these projects is estimated to begin in 2028, with the start of operations in 2030. The projects are expected to operate under market conditions or a power purchase arrangement to be entered into at the time of investment decision.
“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,” said Anna Kosińska, Board Member of RES Global Investment.
The total estimated investments amount to around 80 million euros, 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 meeting certain development milestones established in the executed agreement and the relevant grid requirements, Enefit Green noted in a press release.