The PNE Group, an internationally active project developer for wind energy and photovoltaics plants, has achieved further sales success in Poland. The “Krzecin” and “Kuslin” wind farms, with a planned nominal capacity of 58.8 MW, were sold to a subsidiary of Octopus Renewables Infrastructure Trust plc, which is managed by Octopus Renewables Limited, part of the Octopus Energy Group.
Following a number of sales of wind farm projects in Poland in the past, such as the “Jasna” wind farm with a nominal capacity of 132 MW, the recent transactions represent further progress in the Polish market, as they concern PNE’s first turnkey projects sold here.
Sevivon Sp. z o.o., a company of the PNE Group based in Poland, had taken over the two projects in the development phase and used its extensive expertise to complete them to a level ready for construction and financing. Funding for both projects was provided by the European Bank for Reconstruction and Development (EBRD) and BayernLB. PNE’s subsidiary energy consult is going to take care of technical and commercial management of the wind farms, once they have taken up operation.
The “Krzecin” wind farm in the North-West of Poland consists of eight Nordex N117 wind turbines with 2.4 MW each and a total nominal capacity of 19.2 MW. Construction of access routes and the 20 km long medium voltage cable route that serves three separate network connection points was taken up in October 2020. It is expected that the wind farm will be commissioned by the end of 2021.
The “Kuslin” wind farm in Western Poland comprises twelve Vestas V126 wind turbines with a nominal capacity of 3.3 MW each. The wind farm will therefore have a total nominal capacity of 39.6 MW and is expected to be commissioned in mid-2022.
Markus Lesser, CEO of PNE AG: “This latest sales success enables PNE to establish itself even more firmly in the Polish market. Including our previously realised projects “Barwice” and “Jasna”, we now account for a market share of more than 233 MW. We are very pleased about this and it shows that our many years of commitment have paid off in this market that is becoming increasingly open regarding clean energies. We also really appreciate the opportunity to stay involved in the projects in the long run, thanks to our management activities.”
Roland Stanze, Head of Commercial Solutions PNE Group: "Through the sale of these two projects, we have once again proven that we can also offer international investors an attractive proposition through our high-quality project development and our professional investment structures. We are very pleased about the cooperation with Octopus Energy Group, which was characterized by competence and mutual trust from the very beginning."
Chris Gaydon, Investment Director at Octopus Renewables, commented: “We are delighted to have completed this acquisition and to have developed a strong relationship with a highly experienced developer. These projects benefit from attractive government-backed fixed revenues, in a market which is set to experience significant growth in renewable capacity over the coming years.”
About Octopus Renewables Infrastructure Trust
Octopus Renewables Infrastructure Trust plc is a closed-ended investment company incorporated in England and Wales focused on providing investors with an attractive and sustainable level of income returns, with an element of capital growth, by investing in a diversified portfolio of renewable energy assets in Europe and Australia.
Further details can be found at www.octopusrenewablesinfrastructure.com
About Octopus Renewables
Octopus Renewables is a specialist clean energy investor. Launched in 2010 its mission is to accelerate the transition to a future powered by renewable energy. It has a diverse portfolio of assets with a capacity of over 2.8GW, making it the largest commercial solar investor in Europe and a leading investor in onshore wind. Octopus Renewables is also leading the next wave of renewables being built without government subsidies. There is a significant opportunity to unblock much needed investment by building bespoke portfolios of renewable assets at scale, across technologies and countries, to create better outcomes for our investors.
Further details can be found at www.octopusrenewables.com