China-CEE, Enlight to take over 250.5 MW of Polish wind farm projects

Sep 2, 2014 - The China-CEE Fund and Israel-based Enlight Renewable Energy (TLV:ENLT) said on Monday they will pour up to PLN 1.3 billion (USD 406m/EUR 309m) to jointly acquire 250.5 MW of wind projects in Poland.

The target assets are the 36-MW Wroblew and the 214-MW Project 2 wind parks, which were developed by Polish firm GEO Renewables. The plants, currently under construction, will be purchased by a joint venture between China-CEE and Enlight, in which the latter will own 50.1%.

Geo Renewables will keep a minority stake in the two schemes, the buyers said.

The 36-MW Wroblew project calls for an investment of PLN 200 million. It is seen to be operational in November. The first stage of the 214-MW Project 2 complex is scheduled to be put on stream at end-2015. The deal for the larger facility is still undergoing due diligence.

China-CEE Fund is managed by CEE Equity Partners, which was set up by the Export-Import Bank of China (China Exim Bank) and state-controlled financial institutions in central and eastern Europe (CEE). In July, CEE Equity Partners said it would acquire a PLN-240-million (USD 78m/EUR 58m) stake in renewable energy group Polish Energy Partners SA (WAR:PEP), or PEP, which plans to use the proceed for the development of 380 MW of new PEP wind farms by 2016.

(PLN 1.0 = USD 0.312/EUR 0.238)

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