China Exim Bank fund agrees $406m Poland wind farm JV
The China-CEE Fund, a $500 million vehicle backed by China Exim Bank that invests in Central and Eastern Europe, will partner Israel’s Enlight Renewable Energy to buy a controlling interest in two Polish wind projects for up to PLN1.3 billion ($406 million).
This is the fund's second investment in Polish renewable energy in two months, following a PLN240 million commitment to Polish Energy Partners in July.
Enlight, the renewable energy arm of Israel-based Eurocom Group, will hold a 50.1% interest in the joint venture, with the China-CEE Fund holding the remainder, according to a regulatory filing.
The two wind farms, Wroblew and Project 2, are being developed by GEO Renewables. Wroblew will be completed in November with a capacity of 36 megawatts. Project 2 is expected to have a capacity of 214 MW, with the first stage due to be finalized by the end of 2015.
The Polish government wants to reduce the coal-fired share of the country's fuel mix from 48.6% in 2013 to 25.9% in 2035, while increasing total output by 28%. Polish Energy Partners expects wind power to account for 11.8% of the fuel mix by 2035.
The China-CEE Fund was established by China Exim Bank in partnership with institutional investors from Central and Eastern Europe. It is managed by CEE-Equity Partners. The fund targets infrastructure, energy, telecom and specialized production assets, typically investing $20-70 million in equity and also helping to arrange debt financing.
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