Equinor buys Polish renewables developer with 1.6-GW solar pipeline

Norwegian energy group Equinor ASA (NYSE:EQNR) has taken over Polish onshore renewables developer Wento, which has a total net pipeline of around 1.6 GW of solar projects in different stages of development.

Equinor has bought this business from private equity firm Enterprise Investors for an enterprise value of EUR 91 million (USD 109.4m), before customary net cash adjustments. The purchase agreement was signed on May 5 and the transaction was closed immediately after.

The company’s executive vice president for New Energy Solutions, Pal Eitrheim, said that the acquisition gives Equinor “an onshore growth platform in a transition market set for significant renewables growth.”

To date, Wento has developed and monetised wind and solar parks of 85 MW and 177 MW, respectively.

In Poland, Equinor participates in the development of the MFW Baltyk I, MFW Baltyk II and MFW Baltyk III offshore wind projects, having 50% interests in each of them. Polish peer Polenergia SA (WSE:PEP) is its partner.

(EUR 1.0 = USD 1.202)

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