Poland

Poland

Polish utility PGE bids for Polenergia

POLAND: State-controlled energy group PGE has announced a takeover offer for independent firm Polenergia, a deal that would bolster its offshore wind pipeline in the country and add to its portfolio of onshore wind assets.

Polenergia owns 245.3MW of Polish onshore wind capacity and the two 600MW offshore projects that have environmental permits
Polenergia owns 245.3MW of Polish onshore wind capacity and the two 600MW offshore projects that have environmental permits

PGE said it was offering PLZ 16.29/share (€3.80/share) for Polenergia’s 45,443,547 ordinary shares on the Warsaw stock exchange, for total consideration of approximately PLZ 740 million (€172 million).

It said the offer, currently slated to run from 13 July to 20 September, would allow it to begin talks with shareholders of Polenergia, which is 50.2% controlled by family-owned Kulcyzk Investments.

Polenergia owns 245.3MW of Polish onshore wind capacity and recently struck a deal to sell 50% stakes in its offshore wind projects Baltyk Srodkowy 2 and 3 to Equinor, previously known as Statoil.

Baltyk Srodkowy 2 and 3 are each planned for 600MW and are the only two Polish offshore projects to have passed the environmental permitting stage.

PGE currently owns about 550MW in Polish onshore wind farms and earlier this year began a wind measurement campaign for a 1GW offshore project it intends to implement by about 2025.

The company, which produces most of its power from coal-fired generation, said the deal would allow it to lower the average emission intensity of its plants.

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