Energy company Equinor has completed an agreement to buy 100 per cent of the shares in Polish onshore renewables developer Wento from the private equity firm Enterprise Investors for 91 million euro in enterprise value, before customary net cash adjustments.
The acquisition supports Equinor’s effort to be a leading company in the energy transition and provides a strong platform for growth in the Polish energy market.
Wento’s business plan includes a total net pipeline of around 1.6 gigawatts (GW) of solar projects in different stages of development.
“This transaction will strengthen and diversify our portfolio in Poland, an emerging core area for Equinor,” said Pål Eitrheim, executive vice president for New Energy Solutions at Equinor. “It gives us an onshore growth platform in a transition market set for significant renewables growth.”
Equinor’s ambition is to play an important role in Poland’s energy transition. This acquisition is also in line with the company’s renewables strategy to gradually develop profitable onshore positions in select power markets.
“On behalf of the Wento team, we are welcoming Equinor as a new owner and are looking forward to jointly grow in the Polish renewables market, delivering on both companies’ ambitious renewables strategy,” added Wojciech Cetnarski, CEO of Wento.
Equinor is also building material offshore wind clusters in the North Sea, the US east coast and the Baltic Sea. In Poland, Equinor is involved in three offshore wind projects: MFW Bałtyk I, MFW Bałtyk II and MFW Bałtyk III. Equinor and its Polish partner Polenergia each hold a 50 per cent interest in the three projects.