The new 46 MW project at Radzejow in Poland is "larger and more promising" than the earlier project planned for a site northwest of the Gdansk-Gydnia city complex, says Wysak. "We had a commitment, but no financial stake, there will be no loss to the company," says Wysak's Medi Mehryari of the company's decision to abandon the earlier joint venture. In July 2004, however, Wysak president Daniel Moar had spoken enthusiastically about it: "All the pieces are coming together now, we have the biggest and most experienced wind farm developer in Poland working with us and one of the best sites available along the Baltic coast."
Of the new 46 MW project, Mehryari says: "All necessary licences and permits have been agreed to, and final preparations for the construction permit are in place." The experience of German partner Projekt and the quality of winds at the site "meet all our corporate investment standards," states the company. Mehryari says returns for investors could be up to 36%.
Three days after its change of plan in Poland, Wysak announced it had signed up former Vestas executive Jesper Kjær as European renewable energy advisor. "Decades of Kjær's experience in the European wind energy sector will ensure Wysak's product and technology integration in European energy markets," said the company. Wysak's target for wind power in Poland is to have 300 MW of wind stations operating within the next 24 months, says Mehryari.
Wysak says it has elements of financing in place. Baring Private Equity Partners of Poland (part of the ING-Bank group) has committed to helping the company develop 25-75 MW of wind in Poland. Wysak also has a letter of intent with the Polish national fund for environmental protection and water management for a preferential loan for the same size of project.
Wysak is not revealing details of the power purchase contract. The average price paid for wind power in 2003 was PLN 240.65/MWh (EUR 57.49/MWh), according to Krystof Geremek at the Polish energy regulatory office in Warsaw. Electricity distributors and traders must, by law, supply 7.5% of their electricity sales from renewable energy sources by 2010. The share in 2003 was 2.65% rising to 2.85% in 2004.