Renewable Power Capital (RPC) has announced its entry into the onshore wind market in Poland, partnering with Tundra Advisory (Tundra) to develop a pipeline of up to 1GW of onshore wind projects across the country.
The partners have already identified over 500MW of potential sites and the deal is subject to regulatory approval in Poland.
Tundra has developed renewables in Poland for over 15 years. It is owned by Taiga Mistral, a leading sustainability focused investment management firm, headquartered in Madrid.
Renewable Power Capital will provide a highly flexible source of long-term funding to maximise value and scale, it said.
Poland has the potential to be one of Europe’s fastest-growing onshore wind markets.
The Polish Government currently expects around 25GW of renewable electricity generation capacity by 2030, a doubling from 2020 levels.
In addition, Poland’s energy strategy to 2040 is expected to be updated with ambitious renewable targets. Currently over two-thirds of the country’s electricity comes from coal, distinguishing its market from other gas-heavy European grids and giving strong decarbonisation potential.
The deal is RPC’s first in the CEE Region, and adds to RPC’s wind portfolio based in Finland and Sweden, as well as a 3GW solar pipeline in Spain, and a 1GW battery storage venture in Great Britain.
Chief commercial and technical officer at RPC Mariano Berges said: “The European energy market is undergoing significant changes and renewables will play an increasingly important role. Renewable Power Capital aims to be part of the solution.
“Poland has the potential to be one of Europe’s largest onshore wind markets, and we are pleased to be working with the very experienced team at Tundra to unlock this.”
CEO of Tundra and Taiga Jaime Blas said: “We are pleased to enter into a strong strategic partnership with an international and reputable investor such as RPC.
“The joint venture will maximise the capabilities of both parties, enabling us to achieve our ambition to become a leading developer of wind energy in Poland.”