Vitol to make USD-1bn renewables investment in Poland after local purchase

Dutch energy and commodities company Vitol has struck a deal to take over Polish renewables developer Vortex Energy with its development pipeline of more than 3 GW.

Vital, which has a presence in oil, power and carbon, said in a statement that this is its first renewables investment in Europe and that it plans to spend USD 1 billion (EUR 960m) in this industry, specifically in Poland, over the next five years. By doing so, it will achieve over USD 2.2 billion of capital commitments to sustainable energy initiatives worldwide, it noted.

Vortex Energy has so far delivered over 400 MW of wind and solar projects, according to the announcement. Justine Ryan, director of renewables, EMEA, at Vitol, described the Polish developer as a strong and exciting business and added that the company will seek to expand it further by making use of other renewable generation opportunities across the region.

In the next 12 months, the buyer intends to start construction work on more than 120 MW of solar photovoltaic (PV) and onshore wind capacity.

Vitol is buying this business from VH Invest for an undisclosed amount. It expects to wrap up the transaction in the first half of 2023.

(USD 1.0 = EUR 0.960)

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