Chinese-backed fund invests in Polish wind farms

photo - Glow Images/East News

China-CEE Fund, managed by CEE Equity Partners and Enlight Renewable Energy, has said it would invest up to 1.3 billion zloty (some 309 million euro) into wind farms in Poland. The total capacity of the wind farms will be 250 MW.

The first stage of the investment process will feature the construction of a 36 MW wind farm in Wróblew, central Poland.

The unit is scheduled to be completed by the end of 2014.

The second stage, dubbed Projekt 2, will be more complex and will add 214 MW of wind energy capacity. The first phase is due to be completed by the end of 2015.

This part of the investment process still requires work from the investors, including a due diligence process to be carried out by the CEE Equity Partners and Enlight team.

GEO Renewables will be responsible for the construction of the wind farms and will then hold minority stakes in them.

The facilities will be managed by joint venture company established by China-CEE Fund and Enlight, which will hold a majority stake.

China-CEE Fund will hold 49.9 percent in the joint venture and Enlight will hold 50.1 percent.

CEE Equity Partners, which is backed by China's Exim Bank, recently announced it would invest into Polenergia, the energy arm of Kulczyk Investments, after that company's merger with wind farm group Polish Energy Partners.

Poland generates around 90 percent of its electricity from coal and must increase renewable energy to at least 15 percent of the total by 2020 to meet EU rules on carbon emissions. (kw/pg)

Source: PAP