Alternus Energy Group is to acquire additional solar farms in Poland totalling 184MW.
The projects, located across the country, are either currently in construction or have already achieved a commercial operation date (COD).
They range in size from 1MW to 10MW and the majority have government-backed offtake contracts are already in place.
Alternus is acquiring the parks from local developer Projekt Solartechnik (PST), a Famur and TDJ groups company.
Closing of the transaction is conditional on the successful achievement of certain conditions precedent.
The entire 184MW portfolio is expected to achieve COD by mid-2023, with at least 45MW reaching COD by 30 November this year.
PST will perform the initial operation and maintenance (O&M) activities post initial operation for an agreed minimum period post installation, with Uper Energy, Alternus Energy’s O&M subsidiary taking over thereafter under long-term service contracts.
Completion of the contracts will see Alternus invest over PLN750m (€160m) for new constructed PV solar parks in Poland, to be funded from debt facilities.
The company’s Polish operational portfolio currently totals 88.6MW, including the 65MW Witnica park in the north west of the country.
Alternus Energy chief executive Vincent Browne said: “This partnership with Projekt Solartechnik enables Alternus to further expand our presence in the Polish market, immediately and over time.
“Alternus has been and remains very active in Poland with a target to achieve over 1GW of operational PV solar there in the next few years.
“This transaction further underpins our commitment to Poland and brings our footprint to over 25% of this goal.
“We are currently in discussions with PST for additional projects in support of this goal and look forward to further announcements in due course. We are very comfortable with long term investment in Poland.”
Projekt Solartechnik chief executive Maciej Marcjanik said: “We are very pleased to partner with Alternus Energy and work together to achieve COD for this portfolio and hopefully additional projects that are under discussion.
“We view this as a strategic partnership facilitating the advancement of our significant pipeline working towards achieving increased energy security and national decarbonisation targets.”