Equinor buys Polish renewable energy company Wento in €91m deal
Wento, which will be a subsidiary of Equinor, has a total net pipeline of around 1.6GW of solar projects which are at different stages of development
Image: Einar Aslaksen/Equinor
Equinor has completed an agreement to buy 100% of the shares in Polish onshore renewable energy developer Wento from private equity firm Enterprise Investors in a deal worth €91 million (£78.8m).
Wento, which will be a subsidiary of Equinor, has a total net pipeline of around 1.6GW of solar projects which are at different stages of development.
The acquisition supports the Norwegian energy company’s efforts to become a “leading company” in the energy transition and provides a strong platform for growth in the Polish energy market.
Poland: Equinor acquires Polish renewables company Wento and its 1.6-gigawatt solar project pipeline
06 May 2021
Wento from the private equity firm Enterprise Investors for
EUR 91 million in enterprise value, before customary net cash adjustments. The acquisition supports Equinor’s effort to be a leading company in the energy transition and provides a strong platform for growth in the Polish energy market.
Wento’s business plan includes a total net pipeline of around 1.6 gigawatts (GW) of solar projects in different stages of development. This transaction will strengthen and diversify our portfolio in Poland, an emerging core area for Equinor. It gives us an onshore growth platform in a transition market set for significant renewables growth. says Pål Eitrheim, executive vice president for New Energy Solutions at Equinor.
Polish solar developer bought by Norwegian state-owned energy company
Buyer Equinor could be in for a pleasant surprise - its assessment Wento boasts a 1 GW solar project pipeline in the nation significantly under-reports the 1.6 GW claimed by private equity fund seller Enterprise Investors.Norwegian state energy company Equinor yesterday purchased Polish renewables developer Wento in a deal described by the purchaser as worth €91 million in enterprise value, before customary net cash adjustments and by the private equity firm seller as a €100 million transaction. The solar and wind developer has, according to previous owners Enterprise Investors, secured contracts-for-difference .
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Equinor enters Polish solar market with 1.6GW pipeline purchase
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Image: Equinor
Norwegian energy major Equinor has secured a 1.6GW solar project pipeline in Poland by acquiring local renewables developer Wento.
Equinor has bought Wento, which specialises in developing ready-to-build renewable energy projects, from private equity firm Enterprise Investors in a deal worth €91 million (US$109.57 million) to gain a “strong platform for growth” in Poland’s burgeoning solar energy market.
Pål Eitrheim, executive vice president for new energy solutions at Equinor, said that the transaction will “strengthen and diversify” the company’s Polish portfolio, which so far comprises a 50% ownership of three offshore wind projects with a combined capacity of 1.44GW.