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Poland

Poland

Iberdrola sells Polish assets for EUR 203 million

POLAND: Iberdrola has announced it is to sell its Polish wind assets - totalling 184.5MW - to Polish utilities PGE and Energa for EUR 203 million.

One of the projects is the 90MW Karcino wind farm
One of the projects is the 90MW Karcino wind farm

This is the second group of projects PGE and Energa have acquired from a major utility. Last week, Denmark's Dong Energy revealed it was selling its 111MW onshore portfolio to the two companies.

The Iberdrola deal involves the sale of Iberdrola's 75% stake in Iberdrola Renewables Polska, which includes five wind farms. The remaining 25% is held by the European Bank for Reconstruction and Development.

Last year, Iberdrola announced it was selling its combined 550MW of onshore wind assets in France, Germany and Poland. It has already sold 32 projects in France and seven projects in Germany, with buyers including EDF, GE and MVV.

The latest deal follows a new renewable energy law that was submitted to the Polish cabinet for approval in December, which is believed to more favourable towards offshore wind.

Commercial-scale wind farms will receive support under the green certificate (GC) system. But the economy ministry has cut the rate of green certificates per megawatt hour and has withdrawn the right to obtain GCs once a wind farm owner sells electricity for more than 105% of the medium price of electricity in Poland — currently EUR 49/MWh.

The Polish Wind Industry Association claims this effectively bans wind farms from the free market. Many wind farm operators sell electricity on the free market instead of under long-term contracts, earning more when selling during peak demand periods.

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