​POLAND: Valorem initiates co-investor search for onshore wind & solar pipelines

French IPP Valorem has begun a process to secure a co-investor to help realise a multi-hundred MW renewables project pipeline in Poland.

The group, which entered the Polish market in 2022, has to date secured a 450 MW - 600 MW onshore wind pipeline and a 320 solar PV pipeline initiated by two separate local developers, and is now looking to bring on board a co-investor under a JV agreement to take the projects through development and potentially into construction.

The IPP is being advised by JLL (financial), which has in recent days begun circulating marketing material on the “Project Aquitaine” transaction to potentially interested parties, according to market sources. Under the currently proposed transaction, the incoming investor would take a 49% stake in the JV company.

Valorem is aiming to select a co-investor partner by the end of Q4 2024.

The development status of the wind and solar projects in the pipeline are not currently known, nor their anticipated ready-to-build dates.

However, Valorem announced in December 2023 that it had signed a cooperation agreement with Warsaw-based PV developer T&T Proenergy to progress a more than 300 MW solar pipeline in the country.

The developer's published results for Q3 2023 reported it had entered exclusivity with an “international energy entity” for a 317 MW portfolio of solar farms, including the 120 MW Modrzewiec, 70 MW Rogalino, 50 MW Pokrzywnica, 48 MW Sokolow Budzynskie and 29 MW Rabinko projects.

The 450 MW - 500 MW wind pipeline will comprise 98 turbines in total, although the size of each turbine is yet to be decided. The pipeline is also envisaged to incorporate 250 MW of co-located solar PV.

Valorem did not respond to a request for comment.

*This story was originally published exclusively for NPM Europe subscribers.

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