"There are a number of interesting opportunities in Poland," ERG Renewchief executive Massimo Derchi told Windpower Monthly earlier this year, although he added that the majority of sellers were still seeking excessive prices for assets, even though a number of major investors, such as Iberdrola and Dong Energy, had exited the Polish market.
ERG Renew said it would purchase 100% of project company EW Ornata 2 from Vortex Energy in a deal expected to close in July. Total investments for the project, including the EUR 7.2 million enterprise value of the project company, are estimated at about EUR 65 million.
Construction is expected to begin in the third quarter, while the project is targeted to be commissioned in mid-2015. Annual output is forecast at more than 100GWh.
ERG Renew is Italy’s largest wind farm operator. Through its Lukerg Renew joint venture with Russian oil company Lukoil it owns wind farms in Bulgaria and Romania. It had indicated that it was eyeing Poland, a market it described as strategic to its wind development plans.
Poland’s wind energy capacity last year rose 893MW to 3.4GW, although the pace of growth has been expected to slow this year amid regulatory uncertainty. A draft law now being considered would see companies bid for capacity during state-organised auctions.