Poland's power utility, Polenergia SA, has successfully concluded the acquisition of a 60% stake in the developer of a wind project in Romania, boasting a potential capacity of up to 685.6 MW. The transaction, valued at approximately EUR 3.5 million (USD 3.7 million), involved Polenergia acquiring the majority share from Naxxar Renewable Energy Management Holding, as agreed in October.
The completion of the acquisition, finalized on December 7, 2023, was disclosed in a recent bourse filing. The acquired stake is held by Naxxar Wind Farm Four Srl (NWF 4), which, in turn, possesses shares in seven special purpose vehicles (SPVs) responsible for developing the N4 project in Tulcea County, Dobrogea region, near the Black Sea.
Polenergia's strategic plans for the N4 project include using it as a platform for expanding the group's operations and assets in Romania. To support further development, Polenergia has extended a loan of up to EUR 3.78 million to NWF 4.
As per the terms of the agreement, Polenergia holds the right to assume full control of NWF 4 during the period from July 1 to December 31, 2024.
