ORLEN Wind 3, a subsidiary of the ORLEN Group, entered into a preliminary agreement with EDP Renewables Polska, a renewable energy project developer, to acquire two solar PV projects with a total capacity of 280 MW located in the provinces of Zielona Góra and Poznań in Poland. The company will also acquire a 26 MW wind project in the province of Łódź.
The transaction is valued at approximately PLN 1.15 billion (~$0.29 billion). Upon completion of the acquisition, ORLEN Group’s renewable generation capacity is expected to increase by nearly 30%.
The first solar project, situated in the village of Chotków, County of Żagań, Province of Zielona-Góra, was commissioned in January 2024. It features over 61 thousand solar panels with a total capacity of 40 MW.
The second solar project is located on a former lignite strip mine in Przykona, Province of Poznań. Currently, the acquired solar projects have a capacity of 200 MW, but an expansion project under development will add another 40 MW, scheduled for completion by 2024.
“We promised to accelerate our efforts and deliver on that promise. This new agreement will add over 300 MW to our renewable energy portfolio, nearly a third of what we’ve built in renewables in recent years. But it’s not just about the scale – this deal also makes strong economic sense for us and offers a real chance of enhancing the ORLEN Group’s value. We aim to be a key player in Central and Eastern Europe’s energy transition. That’s why we’re not stopping here, actively looking for further attractive projects on the renewable energy market to seize every business opportunity that comes our way,” comments Ireneusz Fąfara, CEO and President of the Management Board of ORLEN.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, 113 solar project acquisitions totaling 18.5 GW were transacted in 1H 2024, compared to 116 project acquisitions totaling 25.5 GW in 1H 2023.
Last month, Green Genius, a renewable energy project developer, agreed to sell Lithuania’s 34 MW solar project portfolio to Nala Renewables, a renewable energy investment and development platform.
