British solar power company Sonnedix has entered a new European market with the acquisition of Sun Power Energy in Poland which brings to its fold close to 1 GW of development pipeline spread across the country.
Sun Power Energy is a solar PV developer and its acquisition by Sonnedix provides the company an opportunity to expand the development of solar projects and operate the assets for the long term.
For Sonnedix, this acquisition expands its presence into 6 European markets, including Germany where it forayed into with the acquisition of a 5.6 MW operational portfolio in December 2021. It is also operating in Chile, the US and Japan.
The British company now counts its cumulative operational along with under development and under construction capacity to over 6.5 GW globally, as it seeks to further expand its growth via acquisition route for both operational and development projects.
"The strong synergy with our core capabilities means we will jointly be able to accelerate the conversion of the pipeline, drive further growth, and provide a long-term commitment to the Polish energy transition," said Sonnedix CEO Axel Thiemann on the Sun Power Energy acquisition.
Poland has been a quickly growing solar power market in Europe as it targets to reach a cumulative installed capacity of up to 16 GW under its Energy Policy. In December 2021, the European Commission also approved the extension of the country's renewable energy state aid scheme till 2027 that was about to expire on December 31, 2021 (see Poland's RE Aid Scheme Extended). Now it remains to be seen how the Russian invasion in Ukraine will impact the Polish market development – on the one hand Poland is reliant on Russian coal, and one would think they push solar deployment even harder to lessen energy dependance, on the other hand, many installers in Poland have come from Ukraine and who might return to their country to support their families or for combat.