Norton Rose Fulbright advises PGE Energia Odnawialna S.A. on due diligence and acquisition of 84 MW wind farm portfolio in Poland
Global | Press release - Business | June 2022
Global law firm Norton Rose Fulbright advised PGE Energia Odnawialna S.A., a subsidiary of PGE Polska Grupa Energetyczna, on its recent acquisition in the renewable energy sector in Poland of three onshore wind farms with total capacity of 84.2 MW – Ścieki, Jóźwin and Radzyń.
The Norton Rose Fulbright Warsaw team provided comprehensive legal services to PGE Energia Odnawialna S.A., which included wind farm legal due diligence, the negotiation of the share purchase agreement and W&I insurance package.
Conclusion of the transaction will result in 12 percent increase of PGE Group capacities in onshore technology that will amount to more than 770 MW. The completion of the acquisition will sustain the leading position of PGE Group on renewable generation market in Poland with market share of 11 percent of installed capacities in onshore wind farms in Poland.
The transaction is an element of implementation of PGE Group strategy until 2030, which assumes that in 2030 PGE Group will operate 1.7 GW of onshore wind farm capacities to be achieved also through acquisitions. The long term strategic goal is carbon neutrality of PGE Group by 2050 and to provide PGE customers with 100 percent of green energy. Investments and acquisitions in renewables segment will contribute to the achievement of this goal.
The Warsaw team was led by counsel Artur Jończyk (M&A), partner Agnieszka Braciszewska (W&I insurance), senior associate Cezary Zawiślak (due diligence and energy regulatory) and counsel Tomasz Rogalski (due diligence and energy regulatory), who were assisted by consultant Piotr Milczarek (antitrust & competition), associate Maciej Dubiel and lawyers Jan Nowjalis, Bartosz Odziemkowski, Martyna Korzeniewska and Jakub Chmiel (due diligence).
Tomasz Rogalski, counsel and head of Norton Rose Fulbright’s Warsaw energy practice, added:
“We continue to see increasing confidence among local and cross-border investors in the Polish energy market. The drive towards zero-emission economy and coal phase-out efforts in Poland attracts domestic and international investors like in the transaction for these wind farms sold by Green Investment Group to our client, PGE. This investor’s appetite for good assets pairs nicely with our team’s focus on clean energy investments in Poland.”
For further information please contact:
Beata Głuchowska, Business Development Executive
Tel: +48 22 581 4952;