Neo Energy sells 73-MW Polish wind project to ZE PAK unit

Polish renewable energy developer Neo Energy Group has offloaded a 72.6-MW wind farm project in Poland to compatriot PAK-Polska Czysta Energia in a deal estimated at PLN 236 million (USD 52.6m/EUR 50m).

Under the transaction, Neo Energy, owned by Polish private equity fund Neo Investments, has sold to PAK-Polska the vehicle behind the project Great Wind sp zoo. The deal was announced earlier this week by law firm WKB, which provided legal advise to the seller.

The project calls for the construction of 33 wind turbines in Czluchow, in northwestern Poland’s Pomeranian Voivodeship. Once up and running, the plant is expected to generate around 230 GWh of electricity annually. Its commissioning is due to take place in the third quarter of 2024, at the latest.

PAK-Polska is a subsidiary of Polish energy producer and trader ZE PAK SA (WSE:ZEP). In a separate statement, the company said that the newly acquired project has all administrative and legal permits enabling the start of construction works. It added that due to the secured connection capacity, the project could be coupled with a solar park of up to 50 MWp.

PAK-Polska will fund the acquisition with a PLN-236.4-million loan.

(PLN 1.0 = USD 0.223/EUR 0.212)

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