KEYFACT Energy
Akuo, an independent global renewable energy power producer and developer, announces the completion of the financing of three wind power projects in Poland in partnership with Mirova Eurofideme 4, a fund managed by Mirova (Natixis).
With a capacity of 132 MW, the three power plants will have a total of 53 turbines supplied by manufacturer Vestas and will be operated by Akuo’s local teams. Construction is contracted to the local subsidiary of Aldesa. These are Akuo’s first projects in Poland and will supplement the Group’s network in Central Eastern Europe (Croatia, Montenegro and Bulgaria in particular).
Developed over a number of years, these projects won the tender launched by the Polish government in late 2018. Beyond its desire to reduce its dependence on imported fossil energy, the Polish government is intensifying its efforts in the field of renewable energy in order to achieve the minimum threshold of 15% of renewable energy in its end consumption of energy by 2020, in accordance with the National Renewable Energy Action Plan. Within the framework of the country’s energy policy through to 2040, the government is targeting a 60% reduction in the share of coal in its electricity production by 2030 and an increase in the proportion of renewable energy to 27% by 2040.
These projects are expected to become operational in 2021, following which the wind farms will produce 100% green energy that will meet the electricity requirements of more than 200,000 Polish homes whilst avoiding the emission of over 300,000 metric tons of CO2 per year.
Financing of these projects is carried out through the equity partnership with Mirova Eurofideme 4 as well as senior debt commercial loans from banking partners BNP Paribas Bank Polska, Commerzbank and Poland’s mBank.
Eric Scotto, Chairman and Co-founder of Akuo, says:
“Completing the financing of this project is a major step and a first for Akuo in Poland. Its success would not have been possible without the crossbusiness and multicultural teamwork between the Akuo Paris teams and our local teams in Poland. I would also like to thank our financial partners for putting their trust in us and enabling us to achieve this milestone. We are proud to be helping the Polish State with its transition towards a green and local energy supply.”
Raphaël Lance, Head of Energy Transition Fund at Mirova, says:
“These projects are a key landmark for Mirova as they represent our first investment in Poland and we are proud to play an active role in this first batch of renewable projects benefitting from the energy support scheme in the country. We are very pleased to be a partner of Akuo as it gives us great confidence on the quality of the development and the successful realisation of those projects.”
Berthold Bonanni, Managing Director of Commerzbank’s Center of Competence Energy, says:
“Having identified Poland as an important growth market, we are pleased to be involved in this lighthouse project. This project financing is an important step for us in the expansion of our renewable energies business in Poland, and underlines again our international presence in this asset class.“
Michał Popiołek, Managing Director for Global and Investment Banking at mBank says:
“mBank is thrilled to support the construction and operation of one of the largest wind farm portofolios under the new Polish auction renewable energy system in Poland. It is another milestone project in the bank’s strategy to support renewable energy producers and we are proud working with high class investors such as Akuo and Mirova.”