Norway's Equinor ASA has acquired around 1.6 GW solar project pipeline in Poland with the acquisition of local renewable energy developer Wento. It is taking over 100% of the Polish company for an enterprise value of €91 million ($109 million), from its present owner, private equity firm Enterprise Investors.
This solar project pipeline is currently at different stages of development, according to Equinor. Established in 2012, Wento's business model involves developing and selling renewable energy projects and has so far monetized 177 MW solar and 85 MW wind power capacity.
Norway based state-owned energy company Equinor said it aims to play an important role in Poland's energy transition, and that this transaction provides it an onshore growth platform in the country that aims to install close to 16 GW solar PV capacity by 2040, growing from over 2 GW in 2020 (see Poland Approves Energy Policy Until 2040).
Under the deal reached with Equinor, Wento will become a subsidiary of the Norwegian company, continuing with the same team to build its business for the future.
In the renewables business, Equinor also owns a 13.1% stake in Norway's independent renewable energy producer Scatec (see Equinor Acquires Stake In Scatec Solar).
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