Energy and commodities company Vitol is to acquire Polish renewables developer Vortex Energy and deploy $1bn towards the development of renewables in the country.
Vitol has agreed to acquire 100% of the share capital of Vortex Energy from VH Invest for an undisclosed sum with the transaction expected to close in early 2023.
Following the deal, Vitol will initiate construction of over 120MW of PV solar and onshore wind projects in the next 12 months and plans to deploy $1bn of capital over the next five years into renewables in Poland.
Vortex Energy has delivered over 400MW of operational wind and solar capacity and has a development pipeline of over 3GW.
The acquisition of Vortex Energy is Vitol’s first major investment in renewable power in Europe and is aligned with its strategy of investing in the energy transition and growing its sustainable business activities.
With this investment, Vitol will have committed over $2.2bn of capital to sustainable energy initiatives worldwide.
In addition to a sizeable presence in renewable generation, Vitol is investing in initiatives to decarbonise other uses of energy, such as renewable gas for transport, the electrification of fleet vehicles, hydrogen and RNG for pipeline gas, as well as carbon capture and storage for heavy industry.
Justine Ryan, director of renewables, EMEA, at Vitol, said: “Renewable power is central to Europe’s decarbonisation strategy.
“Vortex has the potential to make a significant contribution to reducing emissions and providing energy security through sustainable and affordable electricity in Poland and Central Europe.
“It is a strong and exciting business for Vitol and we will to look to expand it further with other renewable generation opportunities across the region.”
Till Jeske, VH Invest said: “This transaction completes VH Invest’s strategy change which started in 2018.
“For Vortex Energy, it opens new opportunities for further growth and prosperity.”
Vitol has supplied Poland with crude oil and petroleum products for almost 30 years.
More recently it established two offices in Poland and expanded into the supply of LPG, gas and power.