WARSAW, Sept 1 The China-CEE Fund and
Israel-listed Enlight Renewable Energy said they would
invest up to 1.3 billion zlotys ($406 million) to buy control of
two Polish wind projects totalling 250.5 megawatts in installed
A joint venture of China-CEE and Enlight is to buy two wind
farms, Wroblew and Project 2, developed by GEO Renewables, they
said on Monday.
Wroblew, valued at around 200 million zlotys, is to be
completed in November this year with a capacity of around 36 MW.
Project 2 is forecast to reach a capacity of around 214 MW,
with the first stage to be finilised at the end of 2015. The
deal for this wind farm was still undergoing due diligence.
GEO will retain minority ownership in the two farms.
China-CEE will hold 49.9 percent and Enlight 50.1 percent in
the joint venture, which will allow the Israeli-based firm to
consolidate earnings and revenue from the venture into its
Earlier this year, CEE Equity Partners, which manages the
China-CEE Fund, said it had $500 million to spend in the region
over the next two to three years.
The Export-Import Bank of China established CEE
Equity Partners in partnership with state-backed financial
institutions from eastern and central Europe to capitalise on
investment opportunities in the region.
In July, CEE Equity Partners agreed to buy a 16 percent
stake in Poland's largest private utility PEP for 240
(1 US dollar = 3.2013 Polish zloty)
(Reporting by Adrian Krajewski)