PGE delays IPO of Polish exchange

POLAND: PGE Energia Odnawialna (PGE EO), renewable branch of Polish power company PGE, has suspended its IPO (initial public offering) on Warsaw Stock Exchange.

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PGE EO’s project pipeline includes three early-stage offshore wind farms comprising 300 turbines with an estimated capacity of 1.5GW located in the Baltic Sea.

The company’s management board postponed €250 million PLN offer due to "uncertain market conditions". It was originally scheduled for October.

However, some market observers claimed the real reason was that PGE EO had yet to complete the permitting process for its wind-projects portfolio.

PGE EO currently owns only one 30MW wind farm in Kamiensk (Central Poland).

Its Onshore portfolio amounts to some 500MW spread over several projects.

PGE EO is one of a small number of Polish wind developers planning to build wind farms instead of selling projects. The company also invests in biogas and hydro plants.

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