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Polish power utility Polenergia SA (WSE:PEP) has closed the acquisition of a 60% stake in the developer of an up-to-685.6-MW wind project in Romania for about EUR 3.5 million (USD 3.7m).
As reported in October, Polenergia agreed to buy the majority stake in Naxxar Wind Farm Four Srl (NWF 4) from Naxxar Renewable Energy Management Holding. The transaction took place on December 7, 2023, according to a bourse filing.
NWF 4 holds shares in the seven special purpose vehicles (SPVs) developing the N4 project, located in Tulcea County, Dobrogea region, by the Black Sea. The Polish energy major previously said it plans to use this firm as a platform for the further development of the group’s operations and assets in Romania. It has extended a loan of up to EUR 3.78 million to NWF 4 as financing for the further development of the project.
Under the terms of the deal, Polenergia has the right to take full control of NWF 4 in the period from July 1 to December 31, 2024.
(EUR 1.0 = USD 1.078)
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