Greenvolt, Neo Energy buy Polish energy storage co KSME

Portuguese renewables company Greenvolt - Energias Renovaveis SA (ELI:GVOLT), together with Polish peer Neo Energy Group, has acquired KSME, a Polish energy development and storage company.

The transaction, valued at PLN 14 million (USD 3.6m/EUR 3m) or EUR 2,100 per MW, was carried out through the Portuguese firm’s local arm V-Ridium Power Group, which now holds a 51% stake in the target company, Greenvolt said on Thursday.

KSME has 5.56 GW in its Polish portfolio, of which 1.4 GW has grid connection rights to the local network. According to the press release, Greenvolt plans to use this capacity to connect large-scale renewable energy projects, such as solar, wind and hybrid schemes, to the Polish grid.

“This acquisition is a very significant step for Greenvolt in the Polish market, making it an important player in the energy storage market. The diversification of technologies is one of the main objectives of the company, being an important element to provide reliable solutions and contribute to the stability of the Polish electricity network,” Greenvolt’s CEO Joao Manso Neto said.

(PLN 1.0 = USD 0.261/EUR 0.221)

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