ERG Renew will paid for the asset a total consideration of €39 million (US$42.4 million).
The project is expected to be completed at the end of 2015, and the wind park will annually generate more than 62 GWh of electricity.
Early this year ERG Renew acquired 100 percent equity interest in Hydro Inwestycje Sp. z o.o., a Polish company developing a 14 MW wind park in the municipalities of Szydlowo and Stupsk (Central Poland), from Ojeocan Management. The deal value, €23 million (US$ 25 million), includes the cost of the wind project construction and the enterprise value. Construction works for the wind farm are expected to be completed later in 2015, with the wind farm fully operational by the end of the year able to generate more than 36 GWh of electricity per year.
With this latest acquisition, ERG Renew will have 80 MW under construction in Poland. It is planned that all 80 MW will be in operation by the end of 2015.
Dentons advised ERG Renew on both acquisitions. Warsaw office Managing Partner and head of the Dentons’ Energy practice in Europe, Arkadiusz Krasnod?bski, stated:
During the last week we reported about several wind projects globally:
“We are pleased to support our long standing client ERG Renew on its new investments in the wind energy sector in Poland. This was another key step in the rapid expansion of ERG Renew’s investment portfolio in Europe, which in the case of Poland is probably the most dynamic amongst all RES developers in our market. At the same time we have affirmed our strong reputation as a leading law firm in the energy sector in Poland.”