Alternus Energy PLC (EURONEXT:ALT) said it has signed agreements to acquire an additional 184 megawatts (MW) of solar photovoltaic (PV) in Poland, bringing its total operational portfolio in the country to 272.6MW.
The parks, ranging in size from 1MW-10MW with the majority having government-backed off-take contracts already in place, are either currently in construction or have already achieved commercial operation date (COD), the company said.
“This partnership with Projekt Solartechnik enables Alternus to further expand our presence in the Polish market, immediately and over time,” Alternus chairman and CEO Vincent Browne said in a statement. “Alternus has been and remains very active in Poland with a target to achieve over 1GW of operational PV solar there in the next few years.”
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Alternus is acquiring the parks from local developer Projekt Solartechnik (PST), a FAMUR and TDJ groups company, in what is to be the first in an ongoing partnership for the development and installation of PV solar parks in Poland, the company said.
The entire 184MW portfolio is expected to achieve COD by mid-2023, with at least 45MW reaching COD by November 30, 2022. Closing of the transaction is conditional on the successful achievement of certain conditions precedent, it added.
PST will perform the initial operation and maintenance activities for an agreed minimum period post-installation, with Alternus’ O&M subsidiary, Uper Energy BV, taking over thereafter under long-term service contracts.
Alternus’ €160 million investment for the new solar parks in Poland will be funded by debt facilities, the company said, adding that the move supports Poland’s national decarbonisation goals.
“This transaction further underpins our commitment to Poland and brings our footprint to over 25% of this (1GW) goal. We are currently in discussions with PST for additional projects in support of this goal and look forward to further announcements in due course. We are very comfortable with (our) long-term investment in Poland,” said Alternus CEO Browne.
With over 10 years of experience in European markets, PST has built solar power stations in multiple locations, including England, Belgium, France, Germany, Romania, and Hungary. It has been operating in Poland since 2011, specialising in photovoltaic projects, industrial energy, and wind farms.
Commenting on the transaction, PST CEO Maciej Marcjanik said: “We are very pleased to partner with Alternus Energy and work together to achieve COD for this portfolio and hopefully, additional projects that are under discussion.”
“We view this as a strategic partnership facilitating the advancement of our significant pipeline working towards achieving increased energy security and national decarbonisation targets,” he added.
Established in 2016, Alternus Energy is an international vertically integrated independent power producer (IPP). Headquartered in Ireland and listed on the Euronext Growth Market – Oslo, the company develops, constructs, owns and operates utility-scale solar PV projects in multiple countries. It also has offices in Rotterdam and America.
Contact the author at jon.hopkins@proactiveinvestors.com