Warsaw, 1st September 2014. CEE Equity Partners, the Advisor to The China CEE Investment Co-operation Fund, and Enlight Energy announce that they are finalising an investment in wind farms which will generate a maximum of 250.5 MW of energy. The level of this investment in Poland has a maximum value of PLN 1.3 billion. The wind farms, Wroblew and Project 1 and 2, are developed by GEO Renewables, which will also remain a minority shareholder in the developments following the construction phase.
The Wroblew wind farm represents 36 MW of installed turbines with a value of approximately PLN 200 million. The impact of this wind farm will be felt very soon as its expected completion date is in November 2014.
“We are happy to be working with Enlight and GEO Renewables for the experience they bring to the table. For us this is a long-term investment that represents a strong commitment by China-CEE Fund to the Polish renewable energy market” - stated Mr. Yuan Xingyong, Vice President of the Import–Export Bank of China. He added, “we are particularly happy to have acted as a catalyst for further foreign direct investment entering the CEE region, and hope to replicate this success on many of our future investments throughout CEE.”
Project 2 represents a much larger development which will add sizeable capacity to Poland’s total installed wind power. The first, 141.9 MW stage of the project is slated for completion around the end of 2015 with an option for a second stage that brings an additional 72.6 MW. In total, it will represent a 214.5 MW project.
“Enlight Energy views the Polish renewable energy market as a stable and prospective one. In response to this, we conducted an in-depth assessment of the partners and projects that are best suited for cooperation and investment. With this joint venture between Enlight Energy and The China CEE Fund in combination with GEO Renewables, we look forward to the success that these developments will have as well as the returns we are able to provide” - added Gilad Yavetz, CEO of Enlight Energy.
The China CEE Fund and Enlight Energy will create a joint venture company which will become a majority stakeholder in the Wroblew and Project 2 developments with minority ownership being retained by GEO Renewables. As for the joint venture of the two companies, The China CEE Fund and Enlight Energy will receive 49.9% and 50.1%, respectively, which will allow the Israeli based firm to consolidate the financial results of the wind projects. This arrangement produces the highest possible returns for each party while also establishing a stable and secure operational environment.
“This investment, combined with the Polenergia deal, already guarantees a significant level of Polish wind power projects in the China-CEE Fund” - says Dario Cipriani, Investment Director, CEE Equity Partners.
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