POLAND: Greenvolt initiates sale of 700 MW battery storage portfolio
Portugal-based Greenvolt Power has put up for sale a 700 MW portfolio of Polish BESS assets, it is understood.
The group has in recent weeks started construction on its two most mature Polish BESS projects, Turośń Kościelna (200MW/800MWh) and Nowa Wieś Ełcka (200MW/800MWh), both of which are located in the north-east of the country and which are due to be completed in H1 2026.
The two schemes are believed to form the basis of the portfolio which Greenvolt has opted to put up for sale, and under current transactions are envisaged to be sold as COD assets, according to market sources.
In addition, the company is also looking to sell two BESS projects totalling 300 MW which are yet to secure building permits.
Greenvolt is working with DC Advisory and Green Giraffe on the transactions, sources said.
Prospective bidders could include incumbent Polish energy groups such asOrlen, Enea, Polenergia and PGE, among others.
DC Advisory and Green Giraffe are believed to have started circulating teasers in mid-March, with NDAs now being signed by interested parties. A first round of bidding is forecast to run through the first half of Q2.
Greenvolt claimed 17-year capacity market contracts for the Elk and Turosn projects in December 2023, together with a handful of other projects.
It announced earlier in March that it had agreed a deal with China-based BYD Energy Storage for the construction of the two 200 MW / 800 MWh projects.
All-in project costs are forecast to come to between EUR 650,000/MW – EUR 700,000/MW, equating to EUR 260m – EUR 280m for the entire 400 MW portfolio. Greenvolt was in H2 2024 looking to raise in the region of EUR 180m in 12-15 year project finance to support construction costs but is yet to announce whether it has secured a debt package.
Greenvolt’s BESS assets will generate approximately 40%-45% of their revenues from the 15-year capacity market contracts, with the remainder to come from arbitrage and balancing services, among other income streams, it is understood.
Greenvolt did not respond to a request for comment.
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