Equinor has acquired Polish onshore renewables developer Wento from the private equity firm Enterprise Investors for €91m in enterprise value, before customary net cash adjustments.
Wento’s business plan includes a total net pipeline of around 1.6GW of solar projects in different stages of development.
It will be a subsidiary of Equinor with its team continuing to build its business for the future.
The acquisition supports Equinor’s effort to be a leading company in the energy transition and provides a strong platform for growth in the Polish energy market.
Equinor executive vice president for new energy solutions Pål Eitrheim (pictured) said: “This transaction will strengthen and diversify our portfolio in Poland, an emerging core area for Equinor.
“It gives us an onshore growth platform in a transition market set for significant renewables growth.”
The acquisition is also in line with Equinor’s renewables strategy to gradually develop profitable onshore positions in select power markets.
Went chief executive Wojciech Cetnarski added: “On behalf of the Wento team, we are welcoming Equinor as a new owner and are looking forward to jointly grow in the Polish renewables market, delivering on both companies’ ambitious renewables strategy.”
Equinor vice president for power and markets Olav Kolbeinstveit said: “Wento has a strong and dedicated team that delivers high quality, ready-to-build renewables projects in the Polish energy market.
“They have proven over time that they can deliver value from their portfolio, and we look forward to working together to further unlock the potential we see in the renewables space in Poland.”