PKN Orlen 90-MW wind deal approved; another $10 billion coming

Polish oil refiner PKN Orlen has received regulatory clearance to expand its renewables portfolio with the acquisition of roughly 90 MW of onshore wind farms in the Pomerania Province.

The approval by Poland’s Office of Competition and Consumer Protection, locally known as UOKiK, was the last condition for completing the deal, PKN Orlen said on Tuesday. Its closing is expected to take place in April.

As previously announced, the Polish firm will purchase 100% of the shares of Poland-based Nowotna Farma Wiatrowa Sp zoo from Spanish investment funds Taiga Inversiones Eolicas SCR SA and Santander Energias Renovables SCRA SA. The target entity owns a portfolio of three wind parks, namely the 41.4-MW Kobylnica, 8-MW Subkowy and 40-MW Nowotna. Located in the area served by distribution network operator Energa, all of them are covered by the Polish green certificate support system.

The three plans have in place off-take contracts that guarantee their supplies for a period of one to ten years.

Following the acquisition, PKN Orlen will grow its installed wind power capacity at home to 353 MW. The oil group aims to have 2.5 GW of renewable power plants in operation by 2030. In order to achieve its plan, it intends to pour some PLN 47 billion (USD 11.8bn/EUR 10.1bn) in low- and zero-carbon energy generation projects over the decade, mainly focusing on investments in onshore and offshore wind and solar schemes.

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