Controlling stockholder seeks to buy out Polish wind player Polenergia

Wind turbines in Poland. Author: Karolina Kabat.

August 28 (Renewables Now) - Dominika Kulczyk, who has a 50.2% stake in Polenergia SA (WSE:PEP), will be launching a tender bid to acquire the shares she does not already own in the Polish utility.

Kulczyk wants to buy out Polenergia at PLN 20.5 per share, which values the targeted 49.8% stake at PLN 464 million (USD 127m/EUR 109m), according to Reuters. The tender bid will run from September 17 until October 17.

Kulczyk said in a statement that she plans to make Polenergia the biggest private energy group that will invest both in Poland and internationally.

A lower rival offer of PLN 16.29 apiece for 100% of Polenergia was launched by PGE Polska Grupa Energetyczna SA (WSE:PGE) on July 13 and will be open until September 20.

Polenergia is an electricity producer and generates power both from conventional and renewable sources. It is also involved in electricity trading and distribution, electromobility, energy storage and photovoltaics. The company owns eight operating onshore wind parks in Poland. In addition, it has 185 MW of permitted projects in development. Separately, it has 1,200 MW of offshore wind schemes in the development stages, according to its website.

(PLN 1.0 = USD 0.274/EUR 0.234)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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