Petrolinvest acquires wind developer in €9.2m deal

POLAND: Polish oil company Petrolinvest has acquired wind developer Pomorskie Farmy Wiatrowe (PFW) from Prokom Investments.

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Petrolinvest paid PLN6.9 million (€9.2 million) for PFW which holds a portfolio of wind-farm projects in Zulawy (northern Poland) totalling 94MW.

The pipeline consists of three projects — 40MW, 24MW and 30MW — which are being developed on 423 hectares of PFW-owned land.

According to Bertrand Le Guern, the president of Petrolinvest, the Zulawy region offers some of the best wind conditions in Poland with approximately 3000 full-load hours annually.

PFW will first develop the 40MW project with Taiga Mistral investment fund, managed by Spanish bank Santander. Taiga said that its share in the project would total €60 million.

The fund will be responsible for developing the project and securing financing. PFW is currently looking for partners for the second project. PFW's plans involve the sale of the rest of the pipeline.

Petrolinvest estimates that in next two to three years it will receive a total of €50 million from sales of the projects as well as revenues from the 40MW plant once it comes online.

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