Apex Clean Energy Secures Funding for Energy Storage Projects in Texas

Private energy company DTEK Group, via its EU-focused renewable energy subsidiary DRI, signed a final, binding share purchase agreement with Columbus Energy, a Poland-based company engaged in the renewable energy equipment and services industry, and acquired a 133 MW energy storage project in Poland.

This agreement represents DTEK’s first substantial infrastructure investment in Poland. Through DRI, DTEK aspires to establish a portfolio of renewable energy projects totaling 5 GW across Europe by 2030.

DRI expects to finalize the transaction with Columbus in a few months and begin construction by the fourth quarter of 2024. The project is expected to reach commercial operations in early 2026. The project has an obligation to provide energy capacity to the Polish market for 17 years from 2027, having been successful in the 2022 Capacity Market auction organized by PSE, the Polish Transmission System Operator.

Maxim Timchenko, CEO of DTEK Group, said: “Today’s signing marks an exciting moment in Europe’s aspirations to move beyond fossil fuels. This project will not only provide vital flexibility in Poland’s journey to a renewable future but will be an important test case for Central and Eastern Europe in demonstrating how battery storage can be deployed successfully. DTEK’s investment in the country is a crucial step towards the integration of Ukraine and Poland’s energy systems.”

According to Mercom’s Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid, 28 energy storage projects (8.7 GW) were acquired in 2023, of which only four disclosed transaction amounts. In 2022, there were 45 project M&A transactions (14.5 GW), seven of which disclosed the transaction amount.

Last year, Pacific Green, an energy storage project developer, through its wholly owned subsidiary, Pacific Green Battery Energy Park (Italia), acquired a 51% stake in five projects totaling 500 MW/ 2,800 MWh in Italy from Sphera Energy Srl.