Polish utility Polenergia has signed a conditional agreement to buy 60% of the shares of a company developing one of Europe’s largest onshore wind farms.
It is due to buy 60% of Naxxar Wind Farm Four from Naxxar Renewable Energy Management Holding. Naxxar Wind Farm Four holds shares in several special purpose vehicles that are developing the 685.6MW N4 wind farm.
Polenergia will also have the right to acquire the remaining 40% of shares in the second half of 2024 under the terms of the agreement.
It would not confirm what the closing of the agreement is conditional upon, at what stage of development the project is, or a likely schedule for construction and commissioning.
The move marks Polenergia’s entry into the Romanian onshore wind market. It is already helping to develop onshore and offshore wind projects in its native Poland.
Polenergia claimed that the region in eastern Romania where the N4 project is planned has average wind speeds of more than 8m/s, making it one of the windiest areas in the country.
The N4 project’s planned 685.6MW capacity would make it one of Europe’s largest onshore wind farms.