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.
Olav Kolbeinstveit, Vice President – Power and Markets at Equinor said: “Wento has a strong and dedicated team that delivers high quality, ready-to-build renewables projects in the Polish energy market.
“They have proven over time that they can deliver value from their portfolio, and we look forward to working together to further unlock the potential we see in the renewables space in Poland.”
In Poland, Equinor is involved in three offshore wind projects, with the company and its Polish partner Polenergia each holding a 50% interest in the projects.