500 MW by 2027/2028 is an ambitious goal, sales of farms will be on the way

The management boards of BXF Energia and Budimex, which holds 51% of shares in this company, estimate that BXF’s portfolio of projects in operation or construction with a capacity of 500 MW by 2027/2028 is an ambitious goal, especially since in the meantime it is planned to sell several ready projects, the representatives of the companies informed.

“[Reaching] 500 MW, I think is ambitious. We are starting in this industry and starting from scratch. […] What is the way to reach these 500 MW? We consider three ways. The first is what we did last year – we are looking for projects in the preparatory phase, ready to build, ready for construction, and we are interested in acquiring these projects. We are currently reviewing a portfolio of such projects and analyzing their profitability. The second path – we build our team and want to develop ourselves from scratch; we believe that we can do it, although it will take time. The third path is a certain combination of the two, i.e. we enter into agreements with smaller entities, developers who have limitations related to financial efficiency, but are effective, efficient and we are ready to develop projects with them or […] take over from them,” he said President of BXF Energia Piotr Świecki during a press conference.

He added that the company would like to finance further farms similarly to Magnolia, i.e. in the project finance formula.

“In the meantime, as we build our portfolio, we will want to rotate […], try to sell on the market. So, on the one hand, the task is very ambitious, because we want to achieve this portfolio, but in the meantime, do a few rotations to prove to ourselves, but also to investors, that we can make a big upside not only on the production and sale of electricity, but also on the sale of ready-made projects – said Marcin Węgłowski, Member of the Management Board of Budimex.

In April, Budimex and its majority shareholder, Spanish Ferrovial, established a joint company, BXF Energia, which will invest in renewable energy sources (RES). According to the assumptions, by 2027-2028 the company is to have a portfolio of approx. 500 MW of RES power in operation or under construction. Budimex acquired 51% of shares in BXF Energia, and Ferrovial 49%.

Of the projects already built by BXF Energia, the 7 MW Magnolia wind farm is nearing completion, and the 14 MW Kamelia photovoltaic farm is under construction, it was reported then.

Budimex has been listed on the Warsaw Stock Exchange since 1995. Its strategic investor is the Spanish company Ferrovial. In 2022, it had PLN 8.62 billion in consolidated revenue.

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