Pacifico Renewables eyes purchase of 52-MW Polish wind portfolio

Pacifico Renewables Yield AG today unveiled plans to acquire a 51.8-MW wind farm portfolio in Poland after securing “exclusive access”.

The German renewable energy investment firm explained that the bundle consists of three wind farms that were developed by Pacifico Energy Partners GmbH and are under construction. Pacifico Renewables’ plan is to finalise talks for the purchase once the construction phase is completed. As a first step, it intends to refinance existing subordinated debt at the target company, worth EUR 38.7 million (USD 45.7m), with the proceeds of a rights issue.

A potential sale is seen to be finalised by the end of next year. A hypothetical full acquisition of the project will have an enterprise value of around EUR 103 million.

The wind farms will be equipped with a total of 20 Vestas turbines, which are expected to generate around 191 GWh of electricity per year. The COVID-19 pandemic has not caused significant delays to the construction schedule. First power is planned to be produced by end-2020 and commercial operations are due to be launched in March 2021.

The power output will be marketed through a 15-year inflation-linked public support mechanism, three-year power purchase agreements (PPAs) and on the open market.

The potential deal will mark Pacifico Renewables’ entry into the Polish market. “With excellent wind conditions and comparably high electricity prices, the Polish market offers strong fundamentals,” said Co-CEO Christoph Strasser.

(EUR 1.0 = USD 1.181)

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