Wind Energy 4th edition
Energia wiatrowa w Polsce
in Poland
ZMIENIAMY
ENERGETYKĘ
W DONG ENERGY MAMY DŁUGOTERMINOWĄ WIZJĘ: Zapewnić niezawodne dostawy energii bez emisji CO2. Do tego celu dążymy poprzez realizację nowych inwestycji i doskonalenie istniejących już źródeł energii. Aby go osiągnąć, energetyka musi ulec istotnym zmianom, tak by produkować więcej energii przy niższej emisji CO2. Jesteśmy świadomi, że jest to przedsięwzięcie wymagające czasu i że osiągnięcie zamierzonego celu nie będzie łatwe. Mimo tego DONG Energy kontynuuje ogromne inwestycje w energetykę wiatrową. Lądowe farmy wiatrowe w Polsce DONG Energy wybudował dotąd na terenie Polski trzy farmy wiatrowe. W roku 2010 oddaliśmy do eksploatacji Farmę Wiatrową Karcino. Obiekt ten, o mocy 51 MW, zlokalizowany jest w okolicy Kołobrzegu i jest
www.dongenergy.com
najnowszą farmą wiatrową DONG Energy w Polsce. Pozostałe dwie to Jagniątkowo (w eksploatacji od 2007 r.) oraz Karnice I (od 2010 r.), każda z nich o mocy 30 MW. Więcej energii z wiatru Natura obdarzyła nas bogatymi zasobami wiatru. DONG Energy jest obecnie liderem na rynku rozwoju i budowy morskich farm wiatrowych. Tę pozycję zamierzamy coraz bardziej umacniać. W roku 2009 odbyła się inauguracja największej na świecie morskiej farmy wiatrowej Horns Rev 2 w Danii, w roku 2010 oddana została do eksploatacji farma Gunfleet Sands w Wielkiej Brytanii, zaś kolejne nasze przedsięwzięcia są w trakcie realizacji. Zmiany w sposobie produkcji energii uzależnione są od właściwych kompetencji i od woli podjęcia odpowiednich działań. W DONG Energy posiadamy i jedno, i drugie.
DONG Energy jest jedną z czołowych grup energetycznych w północnej Europie. Nasza siedziba mieści się w Danii. Zajmujemy się budową obiektów energetycznych oraz produkcją, dystrybucją i obrotem energią oraz związanymi z nią produktami na terenie północnej Europy. W roku 2009 zanotowaliśmy 6,6 mld euro przychodu. Więcej informacji na: www.dongenergy.com.
Publisher
Wind Energy in Poland spring 2011
BiznesPolska Media sp. z o.o. ul. Długa 44/50, bud. D, lok 704, 00-241 Warszawa tel./fax: 022 831 7062 Research Magdalena Adamczyk madamczyk@biznespolska.pl President Thom Barnhardt barnhardt@biznespolska.pl mobile (0-508) 143 963
The next edition of Wind Energy in Poland will be published in November 2011, and will be in Polish language only. The April 2012 edition will be, like usual, in English. We welcome your comments and suggestions for improvements.
Layout and DTP Sławek Parfianowicz sparfianowicz.wordpress.com
Energia Wiatrowa w Polsce – wiosna 2011
Table of Contents Wind energy market in Poland in 2010 and its perspectives to 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2–4 Wind Energy Legislation – Old Hopes, Little Change . . . . . . . . . 5–6 Wind project acquisitions, i.e. how to navigate the minefield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7–8 Lease agreements for wind farms – how do we improve them? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Wind Energy in Poland – maps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12–13 Developers of Wind Energy in Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10–25
1
Overview
Wind Energy in Poland
Spring 2011
Wind energy market in Poland in 2010 and its perspectives to 2020
2
According to URE data at the end of 2010, around 1280 MW of wind power capacity was installed in Poland. Production amounted to 1900 GWh of electricity. Most capacity is installed in 32 of the biggest wind farms located mainly in the northern part of Poland.
Katarzyna Michałowska-Knap Institute for Renewable Energy (IEO)
Since 2005 the share of wind energy in the total energy production from RES has been increasing steadily – in 2010 it was 18%. However, development of the wind sector is not as fast as hoped, and in 2010 wind energy produced just 1,2% of the total electricity consumption in Poland - with only a small part of its technical potential utilized. The majority of renewable electricity is still delivered by large co-firing plants. Looking at the preliminary statistics of renewable electricity generation, it is very likely that Poland will not achieve the EU target for 2020 (7.5% of renewable electricity in final energy use). With total generation 10.4 TWh from RES only about 90% of the goal was fulfilled so far. The biggest wind farm in Poland, completed in 2010, is EDP’s 120 MW wind farm in Margonin, located in Wielkopolska. Other significant installations constructed in 2010 were Kołobrzeg (51 MW) and Karnice (29,9 MW), both owned by DONG Energy. Also RWE extended their portfolio of wind farms in Poland by acquisition of the 32 MW Piecki and 50 MW Tychowo wind farms. In addition to the above-mentioned projects which typically employ 2MW turbines, smaller turbines, used for smaller projects are quite popular in Poland – these are mostly “second-hand” from repowering. Small and locally-owned enterprises or private persons are usually operators in such cases, although the share of electricity produced by such wind turbines in Poland is not significant. As presented on the map, bigger projects are located usually in northern Po-
Fig. 1 Installed capacity of RES-E In Poland 2001-2010
Fig. 3 Regional distribution of installed wind farms in Poland, end of 2010
Fig. 4 Wind projects developed in Polish regions, IEO database, end of 2010.
land, which has the highest wind potential (pomorskie and zachodniopomorskie), whereas small developments are characteristic for the interior of the country (especially kujawsko-pomorskie), with 155 installations and total capacity of 166 MW. The average annual growth rate of wind power capacity was very high from 2000 to 2010, however the low initial level of installations and high (due to various and unpredictable factors) fluctuations of growth rates during this period have to be noted. Therefore, despite the high growth rate and relatively large amount of newly-built installations, the existing power capacities of wind energy are not impressive in comparison with the dynamic development of the wind power
industry taking place in the overall EU. It is expected that Poland will see significant increases of capacity in 2011, including many investments that were postponed last year for various reasons (result of financial crisis, delayed EU funds etc.). The biggest development announced in Poland is 250 MW planned near Darłowo to be constructed by 2012. The amount of completed projects in Poland appears to be very low, when compared with the bold ambitions of developers. Based on applications for grid connection terms at the beginning of 2010 the grid operators estimate investors plan more than 70,000 MW. However this type of estimation is definitely confusing – it’s enough to mention that in 2004 a similar metric suggested that 9,500
Overview
where the market has developed slowly up to now, like southern Poland (dolnoslaskie and podkarpackie). However the prospects for completing projects located there are unclear, because of several barriers, mostly related to environmental limitations and weak grid. Over 100 entities are actively operating on the Polish wind energy market in 2010. The majority of these companies use an “operation” model, which is known on the German market as develop and sell – the project is developed to certain stage (usually building permit) and then sold (as a whole or certain part) to final investor (sometimes to larger developer). Thus,
during the last years the project trading market was very active. The concentration of wind farm concepts in some areas is resulting in growing problems, blocking further development of many (even well-prepared) projects. The problems usually concern the lack of grid connection possibilities. In many areas, particularly in northern Poland, all the connection capacity is currently blocked by large amount of wind farms, having been already issued grid connection terms. Also numerous other bar-
Spring 2011
Fig. 6 Scenario of installed capacity of wind turbines in Poland until 2020, National Renewable Energy Action Plan
continued on page 4
Wind Energy in Poland
MW of projects were planned, but only a small part was finalized. Thus the information originated from grid operators has to be treated as a view of the potential scale of developers’ ambitions, although not a practical guide to the real wind development possibilities in the coming years. To reduce the number of applications for connection terms submitted by new developers, the amendment to the Energy Law was introduced in March 2010, with requirements of advance payment (nonrefundable) for connection fees being paid at application stage. Thus, by September 2010, at some distribution system operators up to 90% of connection applications were rejected. However, still the impact of regulatory changes on the market was lower than expected. According to PSE Operator, in January 2011 15 GW of wind projects had obtained connection terms and just 7 GW of those had signed connection contracts. According to data collected by the Institute for Renewable Energy, around 17 GW of wind farms are developed, mostly in northern and western Poland. In some regions, like zachodniopomorskie and wielkopolskie there are around 4000 MW under development. Also several projects are in development in regions
3
Overview Wind energy market in Poland … continued from page 3
Tab.1 Wind energy potential in Poland, estimated by IEO
Spring 2011
Onshore
riers for wind power development are reported by developers. The large concentration of wind farm concepts in some areas raises the issue of the possible negative impact on the environment, as well as frequently leads to greater social conflicts. Wind energy projects have usually been met with enthusiasm by municipal authorities, because of the higher expected tax income to the local budget. The legal regulations created an opportunity to impose on the owner of the wind farm a property tax of 2% of the value of the building part of the investment, which would be very significant income to the municipality budget. However, in many cases the impact of wind farms on the landscape and perceived potential negative impact on tourism has become a political and economic issue.
Turbine manufacturers Poland is becoming a promising market for all of the major wind turbine manufacturers. At the end of 2010, Vestas was the leader in
Wind Energy in Poland
Small wind turbines
4
Poland is one of few countries in EU which included small wind turbines (<100 kW) in Renewable Energy Action Plans. According to official scenario 550 MW of such turbines should be installed until 2020. Institute for Renewable Energy is estimating, that at the end of 2010 approx. 6MW of small wind turbines was installed. Only 1,7 MW of them were grid connected, the rest is used by individual owners, mostly for water heating or electricity generation in households. On the Polish market 142 entities are present, dealing with small wind turbines, mostly distributors and installers. There are 10 domestic manufacturers, however most of them in the start-up phase, so the majority of turbines sold in Poland are imported, mostly from China. The small wind turbines sector has a big potential in Poland, not only because of governmental plans, but also because of growing bottom-up interest of endusers, especially farmers and SME’s, which is related with growing energy prices. However the use of that potential depends on further actions of the government. For the moment there are significant barriers blocking development of the market. Most important are: lack of specific support system for small wind turbines, complex and long lasting building and grid connection procedures, and lack of social awareness about wind energy
Theoretical potential Technical potential Technical Potential reduced by environmental limitations Economic potential Market potential 2020
Poland with 35% market share, though the significance of other suppliers is increasing steadily. There are especially big opportunities for manufacturers offering wind turbines for lower wind speeds. GE and Nordex, for example, are strengthening their positions, offering this type of product, and are considered for many new developments, especially in central and southern Poland, where wind speeds are lower. The future of the wind power sector in Poland after 2010 will depend mainly on final decisions about the way the EU Climate Package will be implemented in Poland, including new directive 2009/28/EC about the promotion of the use of renewable energy sources. In December 2010 the Ministry of Economy submitted to the European Commission the National Renewable Energy Action Plan to 2020 (NREAP), required by the directive and including the range of commitments for electric power generation from renewable sources. The Polish target for 2020 is 15% of RES share in final energy consumption. 26% of that (32,4 TWh) is expected to be generated from renewable electricity. The official scenario assumes that in 2020 there will be 5600 MW of wind turbines installed onshore, 500 MW offshore and 550 MW of small wind turbines. This capacity is expected to deliver 47% of renewable electricity. The scenario proposed by government was rather disappointing for the Polish wind industry, because it is not very ambitious given the high wind potential Poland has onshore and offshore. The other problem is that NREAP does not provide details of actions to be taken to implement the plans - especially the support system for RES for 2010-2020 is unclear. Only some general announcements on changes were presented in NREAP, including intention of introduction of technology specific support system (diversification of certificate value for technologies). However final actions will be included in so-called “Renewable Energy Act”. Unfortunately until now even the draft Act was not published (despite earlier announcements that it would be submitted to Parliament by the end of 2010). Thus, some slow down of the market and lower interest in investment was noted in the last few months, caused by unclear future of support system.
Offshore
Capacity (GW)
Energy (TWh)
Capacity (GW)
Energy (TWh)
3100 1400 600 82 11,5
6830 3600 1500 210 28
130 130 20 7,5 1,5
380 380 60 22,5 4,5
Fig. 5: Market shares of wind turbine suppliers in Poland at the end of 2010 (based on 32 biggest wind farms of total capacity 950 MW).
Fig. 7 The predicted structure of renewable electricity generation in 2020 (National Renewable Energy Action Plan).
The substantial potential of offshore wind energy in Poland has been much discussed. This area of wind power development is one of the priorities in many EU countries. Several companies have announced plans of building offshore wind farms on the Polish Baltic Sea (e.g. PGE in 200). However, experiences of other countries demonstrates that in such cases the development and investment process is significantly longer than onshore. Also current legal conditions in Poland concerning offshore areas are not adapted to the needs of wind energy investments. According to analyses made in the OffshoreGrid project, 500 MW offshore wind farms can be constructed in Poland by the year 2020, and total power capacity n could reach up to 5.300 MW in 2030.
Legal
Dr Eligiusz Krześniak Partner, Squire Sanders Święcicki Krześniak sp.k.
One of the main legislative changes introduced in the March 2010 amendment to the Polish Energy Act involved the requirement to make a down payment towards the connection conditions. This brought about great expectations on the part of renewable energy investors. There was a general hope that the new legal requirements would help clear the backlog that was effectively blocking the distribution grid, making the completion of a wind farm in many parts of the country a slow and painful process. The backlog had arisen as a result of the grid operators’ near-
discretionary powers to grant the connection conditions. This had led to connection conditions for thousands of MWs being issued to numerous shell companies, which had been set up for only that purpose by individuals or entities without sufficient financial or technological backing. This in turn created a market for connection conditions, which the lucky applicants were selling on to the highest bidder. Under that same scenario the grid operators were entitled to turn down further applications made by bona fide investors, on the grounds that the interconnection capacity of the grid had been exhausted. The aim of the new legislation had been exactly that - to render the conditions invalid in cases where the applicants could not back up their declarations with sufficient funds, thus making life easier for the bona fide investors. However, one year after the amendment it is apparent that these hopes have only partly been fulfilled and that the solu-
tion has not worked the way legislators and a major portion of the investors envisaged. While the March 2010 amendment does appear to have set the right standard for the future, it has not fully solved the problem of the already-issued connection conditions, which was also one of the principal legislative goals. This is mostly due to the fundamental conflict of interest between the investors and the grid operators. One major flaw that has always existed in the Energy Act has been the fact that the grid operators have few tangible incentives to connect new energy producers. The statutory obligation to connect is still relatively easy to avoid (by applying the “provided that technical and commercial conditions permit the interconnection” proviso). While the new regulations helped wind farm investors, the grid operators have not gained anything by them. On the contrary, the new law imposed a numcontinued on page 6
Taiga Mistral fund secures 190 MW wind farm projects, constructs its first wind farm – 41,4 MW – and seeks to buy additional 200 MW wind farm projects Taiga Mistral, the Spanish private equity fund, operating on the Polish wind energy market since 2008, is constructing its first Polish wind farm, Kobylnica 41,4 MW, has already acquired five major projects totaling 190 MW of power, and plans to purchase a further 200 MW in Poland. In 2010, Taiga Mistral completed its first stage of wind farm projects acquisitions, totaling 190 MW, and started the construction process with Kobylnica, a 41.4 MW wind farm consisting of 18 Siemens wind turbines SWT-2.3-101 type, located near Slupsk in north-west Poland to be connected by summer 2011 to the ENERGA grid operator. Further projects will be constructed during 2011 and 2012. The investments are financed from both the fund’s own capital and project financing from banks. The fund’s financing is secure, backed by strong Spanish institutional firms, such as Banco Santander, Caja Navarra, Caja Avila and Spanish individuals. “Kobylnica wind farm’s project financing has been very successful. We’ve received very pos-
Wind Energy in Poland
Down payments towards connection conditions – a look at the results one year later
Spring 2011
Wind Energy Legislation – Old Hopes, Little Change
Mikel Garay, Managing Director of Taiga in Poland.
itive feedback from Polish and foreign banks, which have shown strong interest in financing our first Polish wind farm” - says Mikel Garay, Managing Director of Taiga Mistral in Poland. Taiga Mistral is also looking to acquire an additional 200 MW wind farm investment opportunities in Poland.
“We are now looking for local experienced developers interested in selling us their wellprepared and mature wind farm projects. These new 200 MWs will close our second stage investment target. We are only interested in projects with most of the permissions obtained”, n emphasizes Mikel Garay.
5
Legal
Wind Energy in Poland
Spring 2011
Wind Energy Legislation … continued from page 5
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ber of new, potentially costly obligations, including the obligation to declare the remaining connection capacity and the numbers of applications made. In addition, the regulations required a technical feasibility study on the operators themselves. Under these circumstances it was perhaps to be expected that the grid operators would not welcome the new law with the same enthusiasm as investors. One reaction by some of the grid operators which rendered the new regulations largely ineffective was to propose that the holders of the connection conditions sign interconnection agreements just before the March 2010 amendment came into force. The rights temporarily granted under the connection conditions were therefore consolidated in the form of executed agreements. The effects of this move are easy to see - while the market level of the wind projects has increased (since the sellers can now offer a solid guarantee that connection will take place), the number of MWs of promised capacity has remained the same. The system is still clogged up. This was perhaps to be expected, given the efforts by the grid operators to soften the impact of the new regulations. While the March 2010 amendment introduced a new requirement for operators to publish their remaining connection capacities, this was eventually limited to networks of over 110kV. Consequently the very common 110kV networks were excluded from the reporting obligations, presumably in order to lessen the burden imposed on the grid operators.
Upcoming amendments It is perhaps very telling of the quality of the new legislation that the regulations introduced in March 2010 are already on the way to being changed. At least two separate bills (prepared in June and December 2010) to the Energy Act are currently undergoing renewable energy sector consultation. One positive example of the planned amendments is that the reporting obligations will once again apply to the grid operators of the 110kV networks (as discussed above). Failure to publish the required data concerning, most importantly, the identity and number of the entities applying for the conditions and the remaining connecting capacity shall furthermore lead to a fine. The fine may be imposed by the regulator (URE), and will be up to 15% of the proceeds of the offending grid operator during the previous year. While it remains to be seen whether the new penalty will be applied, this definitely constitutes a positive change. On the other hand, however, the operators’ are ob-
liged to update the information (concerning the number and identity of the applicants and the remaining connecting capacity applicable) only every six months, rather than each month, as is the case at the moment. This easing of declaration obligations may be aimed at protecting grid operators from the risk of fines. In any event, six months is obviously a rather long time, even as far as wind projects are concerned, and the new regulations may make the information less reliable and less useful to new investors. The December 2010 amendment bill contains one important change to Article 7 subsection 8b of the Energy Act. Currently the entity applying for the connection con-
not for the actual turbines. Sadly, despite numerous calls from all market participants of the energy market to include wind farms (along with other renewable energy projects) in the statutory definition of “public utility investment”, this change has not been made. Finally, the June 2010 amendment bill includes the now notorious “comma amendment” of Article 49a subsection 2 of the Energy Act related to the permitted forms of energy trading. Under this amendment a strategically placed comma in the current wording “on an internet trading platform [,] at a regulated market” (“na internetowej platformie handlowej [,] na rynku regulowanym”) will put an end to the debate as to whether energy may be traded via an internet platform which is not operated as part of a regulated energy exchange.
And what of the Renewable Energy Act?
Dr Eligiusz Krześniak, Squire Sanders Święcicki Krześniak sp.k
ditions is required to present either an excerpt from the local zoning plan, or a zoning decision issued specifically for the locations of the future wind project. Due to the fact that the existence of a local zoning plan is still the exception rather than the norm in many Polish municipalities, in practice many investors have to rely on zoning decisions. These decisions do not offer a sufficient degree of legal comfort, since they may be appealed and are only issued in relation to specific plots of land, rather than for a larger area. The purpose of the December 2010 amendment is to give investors the possibility of submitting an excerpt from the local preliminary spatial planning study (stadium uwarunkowań i kierunków zagospodarowania przestrzennego) with the application. This kind of study is a document covering the same area as a zoning plan (usually the area of a gmina) and is more readily available throughout the country. As such it is definitely a step in the right direction. On that point, one can only wish that the legislators had used the opportunity to finally allow wind turbines to be constructed on the basis of public utility works zoning decisions (decyzja o ustaleniu inwestycji celu publicznego). Currently this type of decision (which is easier to obtain and more difficult to contest than a regular zoning decision) may only be issued for transmission/distribution infrastructure, but
Sadly, the long-awaited piece of legislation seems to have disappeared from the radar. The anticipated date of enactment of the Act, initially scheduled for December 2010, has clearly not been met and there is little indication as to when this may occur. While there are signals that works on the bill are continuing, and the draft bill has been presented for consultation, what the final wording will be is still far from certain. What is known is that the legislators still intend to maintain the current system of “green certificates” (along with the numerous other forms of “coloured” certificates of origin, applying primarily to various forms of cogeneration), rather than reverting to the feedin tariff system, which applies across the border in Germany and the Czech Republic. While critics of the Polish system have often referred to the German solution as a model for change, recent developments have shown that the feed-in tariff system also has its faults. Whatever the outcome of the theoretical discussions, the consistency in maintaining the current system (imperfect as it may be) gives investors the legal certainty which to date has been lacking. There is no doubt that all of the market players await the Renewable Energy Act with great anticipation. Pressure from the EU as regards the implementation of directive EC 2009/28 may play a part in accelerating the legislative process somewhat. On the other hand it seems that in 2010 renewable energy may have lost some of the attention it received previously, being overshadowed by the more prominent (and potentially more promising from the PR perspective) debate over the development of the Polish nuclear energy sector, as well as by the excitement caused by the discovery of shale gas deposits. www.ssd.com
Deals
Wind project acquisitions, i.e. how to navigate the minefield Contrary to other industries, the scale of risks pertaining to the acquisition of shares in wind project companies is much more extensive.
city. That is because environmental limitations, disputes with local residents, social organisations or owners of technical infrastructure (gas or sewage systems, roads etc.), which surface during the investment prepa-
Wojciech Sztuba
SPV that owns an office building) is much more standardised and objectively appraisable – the scale of risks pertaining to the acquisition of wind companies is much more extensive. There are several major factors contributing to that. First of all, most transactions refer to shares in companies at the preparatory stage of the investment, i.e. prior to the commencement of construction works. In such circumstances, the risk of not being able to proceed to the investment stage is vital, since a large number of projects available in the market are of poor quality, i.e. they have at least one substantial weak point (e.g. in the context of wind power potential tests, difficulties with obtaining environmental decisions, excessive connection costs, unfavourable energy supply contracting etc.). In part, it results from the fact that projects are often prepared by developers who have no previous experience in the sector. At the same time, the risk that the investment will be completed on a smaller scale than assumed is generally high or very high. A project may be considered successful if a wind farm of a specific assumed capacity (e.g. 100 MW) is ultimately completed as an installation that exceeds 60% of that capa-
ration stage very often necessitate substantial reduction of prior assumptions. Secondly, forecasting of operating income is much harder than in many other business sectors, since apart from economic effects (which are a typical determinant of business forecasts) the key factors in this case (that, additionally, cannot be effectively predicted) are expectations concerning wind power potential parameters, future regulatory market changes with regard to the minimum energy price and substitution fee that affect ratings of certificates of origin, and potential systemic changes in the market model. 2010 figures show that 197 PLN per 1 MW of energy plus approx. 255 PLN from the sales of the socalled green certificates puts the total income from sale of wind energy at a pretty high level in the context of the entire EU. The problem is that we are familiar with those factors now, but do not know what minimum price or what substitute fee will be proposed by the Energy Regulatory Office for subsequent years. Neither do we know what the liquidity of the certificate market is going to be, or whether the market will still be willing to absorb any number of such certificates in a si-
Wind Energy in Poland
When it comes to project preparation and execution, one general model prevails in the Polish wind power development market – i.e. each project (a future wind farm) is placed in a separate Special Purpose Vehicle that usually takes the form of a limited liability company. Despite certain additional administrative fees and minor tax inconveniences (e.g. loss consolidation among projects is not possible), this legal and organisational form is the most favourable from the point of view of complexity of administrative processes, and general tax benefits pertaining to the subsequent sale of the project and generation of profits. That is because change of a SPV shareholder does not jeopardise the company’s rights arising from the acquired decisions, permits or agreements. On the other hand, the share sale transaction often makes it possible to reduce income taxation on the part of the seller, particularly if the seller is a foreign entity. That is why investors interested to acquire a wind project are, in most cases, “forced” to purchase shares in the SPV which the seller used to execute the project. Since the risks (of economic, legal, tax, financial or compensatory nature etc.) related to the purchase of shares in a company are much greater than when assets are purchased directly, investors generally take certain steps – known as due diligence – to ensure that they are detected and assessed. Subsequently, such identified risks find their way to the negotiating table, and either result in a price drop or trigger certain protective measures or other arrangements. Up to that point, the situation in question does not differ significantly from the circumstances that occur in the commercial real estate market, or in a number of other sectors of business. However, examples of already completed wind farm projects illustrate that contrary to other industries where the subject of the transaction (e.g. shares in the
Spring 2011
Partner, TPA Horwath Polska
continued on page 8
7
Deals
tuation of massive growth of renewable energy sources. We do not even know if in a few years the existing support system based on certificates of origin will not be replaced by the feed-in tariff adopted more widely in western Europe. That change is currently being given serious consideration, and the concept as such does not necessarily have to be unfavourable for investors. However, no one has an actual idea of which level of support that tariff would really offer, and whether the change will not be detrimental to wind farm owners. To sum it up, the crucial difficulty lies in the market’s instability, even in a short-
term perspective. And last but not least, as far as this outline of the income forecasting problems is concerned: a great unknown is the question of whether the wind is actually going to be as strong as assumed in the estimates and measurements developed during the investment preparation stage. Incidentally, it should also be noted that a certain portion of projects is executed on the basis of fixed-price energy contracting, including certificates of origin, at prices set in advance and for extended periods of time. Naturally, such a scenario does not create sales revenue forecasting problems, but it oftentimes leads to an even more serious issue, i.e. fixing the revenue flow below the market level, and a permanent drop in project profitability. But after all, sales revenue is
Wind Energy in Poland
Spring 2011
Wind project acquisitions… continued from page 7
PATRON WYDANIA
Energetyka wiatrowa w Polsce Wind energy in Poland Download the report at www.tpa–horwath.pl
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not everything. A profitable investment needs to be more than just compensation for all the incurred costs. And here, costs are also problematic, albeit to a lesser degree, although not so much in the context of their long-term forecasting but rather accurately estimating the investment costs in the very beginning. For example, cost items pertinent to connecting the farm to the distribution or transmission grid, raising capital, acquiring turbines, or to perpetual usufruct and property taxes are characterised by high sensitivity. When the transaction concerns not so much an investment as a promise of a future investment, the expectations of the sellers and buyers regarding the evaluation are, by necessity, based on assumptions, forecasts and estimates. Parties to such transactions find it difficult to find a common, objective methodological ground for verification of such assumptions, which often gives rise to strong discrepancies of their positions that block the negotiations. In such cases, it is worthwhile to turn to tested contract-based solutions which allow for posttransaction price adjustment, with a proper security of justified claims of both parties until the adopted conditions precedent are or are not fulfilled. In that state of affairs, wind project acquisition in Poland poses a particular challenge for the investors, and its success is rarely accidental, since so much hinges upon the proper planning of the investment process. Early recognition of the so-called deal breakers, i.e. problems of such magnitude that they pose a risk of failed negotiations, should become a fixed component of the broader investment strategy. As has been pointed out above, the likelihood that the acquisition of an average wind farm project available in the market will fail at the due diligence stage or at a later stage of negotiations is statistically high. Therefore, strategically it seems to be a good idea to adopt a simplified and effective initial “screening” procedure for available projects, and to only apply the thorough and time-consuming verification to the projects that have already been preliminarily screened for the existence of deal breakers. A long-term cooperation with a reliable and trusted developer would be an even better solution; however, that luxury is not commonly available, even to the biggest investors. The author of this article is a managing partner and the head of the energy department at TPA Horwath Polska. TPA Horwath in co-operation with PAIiIZ and DZP law firm publishes yearly reports on wind industry in Poland. The 2010 edition of the “Wind Energy in Poland” report is available at www.tpa-horwath.pl.
Some argue that the difficulty is with landlords who want to secure their agricultural land, others argue that it is with the financial conditions, and still others contend that it is a problem with the developers, who in order to entice the landowner often sign too loose agreements with too high payments.
Setting realistic expectations From DONG Energy substantial experience in Poland, we have seen that many developers inform landlords that the development process will not take more than three years. During the development stage, before the wind farm becomes operational, payments to land owners are typically low, and increasing substantially when the wind farm begins to generate revenues. While a three-year time frame may have been realistic some years ago, recent legal and regulatory changes in Poland mean that a five-year or even six-year development period is more realistic. Therefore the conflict arises between the developer and landowner, with the developer arguing that the period of lower payments should extend to five or six years to reflect the realistic development period, while the landowner is keen to earn higher income as fast as possible from tying up his land. Arguments may arise with landlords when the agreement states that the higher rental income will not apply until the wind farm begins to operate and generate income. In such a case, developers often mitigate the differences by offering landowners additional payments during the interim period between commence-
ments of construction work until completion of the wind farm, at which point the higher rents will begin to apply. Some companies tend to prefer obtaining outright ownership title to the land, but this has not yet become part of standard business practice in Poland, because the developers do not want to acquire land before they are certain that the wind farm actually can and will be building. Therefore most agreements are constructed as commercial lease agreements. Every company that invests in wind farms would like to have as long operational period as possible. Some agreements, however, secure the land agreement for a period of only 20 years. If one takes into account the fact that the development process – wind studies, environmental impact studies, getting building permits plus the actual time of building the wind farm – typically lasts minimum five years, leaving just fifteen years for the “running time”, which is not enough to make a satisfactory business case.
Then how to strengthen the contract? The most-frequently used way to secure land for wind farm projects is tenancy agreements, also known as commercial leases. They can be concluded for maximum 30 years. But with this type agreement there are many aspects that must be taken into account. First of all one must know if the landlord possesses clear ownership title for the land. This may be unclear e.g. if the original landowner dies and his inhabitants have not cleared fast enough, making the hereditary proceedings longer. The tenancy agreement must be performed in a notarized form and made available for clear “handover of the land” mechanisms. Not to be forgotten is that the agreement must specify that the tenant can receive benefits from the land, otherwise the risk is that the agreement could be treated as an ordinary lease agreement, in which case it can be executed for only 10 years, and subsequent could be terminated by the landlord with statutory termination notice. The Polish law is not fully developed for the wind farm projects and there are still a number of unclear issues to be clarified. One outstanding issue is that construction developments and buildings built permanently on the land become the property of the landlord. According to Krzysztof Górny, a lawyer who works closely with energy issues at law firm Linkla-
ters, this issue can be resolved with careful and adequate language in the agreement. Another problem raised by Górny is negotiation of the contracts that are already signed in cases when a development of a wind farm turns out to require more land than the company initially agreed on. “In order to avoid renegotiating the contracts with the landowners in the future, investors tend to lease out larger areas than actually needed. It is therefore important to introduce a provision into the commercial lease according to which the investor will be authorized to specify the part of the land to be used for the wind farm infrastructure once final location of the farm is confirmed”. It could also happen that the turbines are located close to the property line border and in this case the elements of the turbines could get in the way with neighboring land. “In such a case, to avoid any possible claims of the neighbors, it is necessary to obtain easements, commercial leases or other legal titles which would allow for the interference of the rotor blades above the land adjacent to the wind farm”, says Górny. Taking all these points into account one can conclude that there are many aspects that must be taken into consideration when signing a good and clear commercial lease agreement. It must be precise and with no options are left for an easy termination of the contract in order to avoid potential disputes. Looking at the fast growth of the wind energy sector in Poland, it can be assumed that the laws and regulations will be constantly changing and fast modifications in contracts will occur. A good commercial agreement gives developers the security required to justify the enormous amount of hard work and money the firm will need to invest in development, starting with environmental studies, wind measurements, layouts and design work, grid application fees, etc. In order to make a good final investment decision, whether it is financed by debt or equity, any investor will scrutinize the commercial lease agreement, simply to make sure that it is secure and suitable for the construction and long-term operation of the wind farms. Patrycja Wiselka, market intelligence analyst DONG Energy is one of the leading energy groups in Northern Europe – we are headquartered in Denmark. Our long term vision is to provide reliable energy without CO2. Today DONG Energy is the market leader in development and construction of offshore wind farms.
Wind Energy in Poland
It is not a secret that most energy companies that invest in wind farm projects in Poland have challenges with commercial lease agreements, especially in situations when acquiring existing - but not yet developed - wind farm projects. It is probably the single most important document for a wind farm project and is of paramount importance to the project's successful realization.
Spring 2011
Lease agreements for wind farms – how do we improve them?
9
Developers of Wind Energy in Poland
Developers of Wind Energy in Poland Acciona Energy Poland Sp. z o.o. Date company established in Poland:
about 700 MW. AES entered Poland by buying a majority stake in 3e, based in Gdynia.
2001
Locations of current wind farms:
tel. 602 251 605 chris@balticwind.com www.balticwind.com
Top Management team in Poland:
Northern Poland
Parent company/ownership:
Andrzej Konarowski, Head of Acciona Energy Poland Sp. z o.o.
Planned projects in Poland:
The company is privately owned by management.(The company is privately owned by management.)
Contact details:
Wind Energy in Poland
Spring 2011
Sienna 86/7, Warsaw, (Poland) tel. 22 403 81 95 biuro@accionaenergy.pl www.acciona.es
Profile of the company:
Subsidiary firms specializing in wind energy:
Baltic Wind is an independent wind farm developer which has specialised in the comprehensive planning and preparation of wind park projects in Poland since 2007. Baltic Wind develops proprietary projects, develops projects on behalf of and together with foreign and local investors.
Acciona Energía S.A. generates electric power from renewable sources. The company also designs and manufactures wind turbines;and develops and constructs windparks. AccionaEnergía S.A. was formerly known as CorporaciónEnergía Hidroeléctrica de Navarra,S.A. The company was founded in 1989 and is based in Sarriguren, Spain. It also has assets in the field of co-generation and wind turbine manufacture.
Elektrownie Wiatrowe Zachód Sp. z o.o.
Strategy for wind development in Poland:
Top Management team in Poland:
Baltic Wind will develop, build, own and operate individual projects in Poland which are less than 15MW capacity. Baltic Wind will facilitate for our existing and new partners to build, own and operate projects larger than 15MW.
Strategy for wind development in Poland:
AVALLON Sp. z o.o., Polska / Prywatni udziałowcy(AVALLON Sp. z o.o., Polska / Prywatni udziałowcy)
Avallon Sp. z o.o.
Parent company/ownership:
Date company established in Poland:
Acciona Energia S.A. (Spanish company)(Acciona Energia S.A. (Spanish company))
2000
Profile of the company:
The firm is a world leader in renewable energies with almost 5,500MW in service and a strong presence in eight technologies. It has installed almost 5,300MW of wind power capacity in 192 wind parks in 12 countries, of which 3,824 MW are owned by the company.
Rafał Augustyniak
Contact details: Rubież 46 bud. C5/111, Poznań, (Poland) tel. 502 357 048, 61 622 69 30 rafal.augustyniak@avallon.com.pl www.avallon.com.pl
Parent company/ownership:
Profile of the company: Wind development projects on a projectbasis, including all aspects of wind farm development.
Planned projects in Poland: Ciechocinek 7.5MW operational in 2011 amongst others.
Advisory partners: Nordex, Windhunter, Garrad Hassan, Windtest, DEWI, Accreo Taxand, Kancelaria Adwokacka Lukasz Krzyzanowski; Tomasz Krzyzanowski, Elbud Gdansk SA., Deloitte, Geoteko, Dr. Grzegorz Barzyk Consulting
Locations of current wind farms:
Planned projects in Poland:
Golice Wind Farm, 38MW
AES Poland Wind Sp. z o.o.
Wielkopolska (50; 5; 5; 5; 1,6MW), Mazury (2 MW), Lubelskie (30 MW; 4; 2 MW) Śląskie (2;2 MW), projekty greenfield dolnośląskie, kujawsko-pomorskie, lubelskie
Date company established in Poland:
Financial partners:
2006
Top Management team in Poland:
Johnny Holm, Managing Director
Development - środki własne i prywatnych inwestorów, realizacja PKO BP S.A., BGŻ S.A., BOŚ S.A.
Contact details:
Advisory partners:
Contact details:
Hryniewieckiego 6C/20, Gdynia, (Poland) tel. 58 717 60 00 kasia.sniadkowska@aes.com www.aes.com
Norrwind, Energotelprojekt, CGP Kancelaria Adwokatów i Radców Prawnych
Other details
17A Curzon Street, London, W1J 5HS, (United Kingdom) tel. +44 20 7409 5400; +48 22 380 5310
Also active in biomass and biogas sectors.
Parent company/ownership:
Top Management team in Poland:
Parent company/ownership: AES Corporation (AES Corporation )
Profile of the company:
Baltic Wind Sp. z o.o.
AES Poland Wind Sp. z o. o. is a part of American AES Corporation which is a leading and independent power company. AES owns and operates over $30 billion of assets on 5 continents, including 116 power generation facilities and 17 electric distribution companies. The Company’s goal is to help meet the world’s need for electric power in ways that benefit all of its stakeholders.
Date company established in Poland:
Strategy for wind development in Poland: Currently the company works on the development of 15 projects with total capacity of
10
Currently AES Poland Wind’s portfolio of wind farm projects in northern Poland amounts to approximately 700 MW.
2007
Subsidiary firms specializing in wind energy: Eko Park I Sp. z o.o., Eko Park III Sp. z o.o., Sagittarius Solutions Sp. z o.o.
Top Management team in Poland: Zbigniew Modecki - Prezes; Krzysztof Guzowski; Michal Polanowski
Continental Wind Partners LLC (CWP)* Date company established in Poland: PS Wind Management Sp. z o.o. , PSWM Wielkopolska Sp. z o.o. Mark Crandall, Chairman; Mike Scholey, Chief Executive; Tracy Dziedzic, Corporate Finance
Continental Wind Partners is a privately held company with shareholders comprising mainly individual and institutional investors from the UK and US.(Continental Wind Partners is a privately held company with shareholders comprising mainly individual and institutional investors from the UK and US.)
Profile of the company: CWP was established in 2007 to finance the development of wind farms in Romania and Poland. Since then it has expanded into other European countries such as Bulgaria, Serbia and Croatia as
Contact details: Nowolipki 4m19, 00-153, Warsaw, (Poland)
continued on page 14
East meets West wind turbines with permanent magnet generators. Currently the wind energy business clearly prefers low-wear gearless drive concepts and highly-efficient permanent magnet generators. The EWEA 2011 in Brussels showed that almost all well-known producers of wind energy converters are preparing themselves to change their strategy and to start with the very same wind turbine design concept as VENSYS has been developing since 1990 – at that time, still under the label of “Research group” at the University of Applied Sciences in Saarland, Germany.
Impsa. This production licensing strategy ensured that more and more VENSYS 1.5 MW turbines were being erected all over the world. In 2008, Goldwind took over the majority shares in VENSYS. After that, VENSYS started to produce its own wind turbines in Neunkirchen, Germany, focusing on the European market. Goldwind, on its part, is very successful on the Asian market and produces wind turbines that use the VENSYS technology in 7 large factories in China.
The new 2.5 MW turbine, a joint development of VENSYS and Goldwind, now provides the „permanent magnet direct drive“ technology also for medium-sized and even large projects. As Goldwind has the majority ownership interest in VENSYS, such projects can be financed by the Chinese Development Bank, as has been proven in the case of the Cyprus wind farm project. Up to now, more than 3700 wind turbines have been erected and commissioned thanks to German technology combined with Chinese strength and
The reason is quite simple: gearboxes for wind energy converters are prone to failures and will have to be replaced or repaired, according to the statistics, at least two or three times during the lifespan of a wind turbine. Thus, it makes sense to invest more in a slowly turning, multi-pole direct driven generator. This investment will pay off over the operational period of the turbine, as there will be no extra costs for the repair or replacement of the gearbox. When the VENSYS engineers started – 20 years ago – to design a wind energy converter as they thought best, permanent magnets were still quite expensive, making their use economically uncompetitive with the electromagnets that are still being used mostly today. However, since permanent magnets do not need current for the excitation of the magnetic field, the result is higher efficiency and greater energy yield of the turbine. As prices for permanent magnets have fallen dramatically in recent years, the VENSYS engineers’ decision to use permanent magnets has proven to be prescient. Nowadays, these magnets cost just onetenth of the price they had at the beginning of their use in wind turbines. From research excellence to worldwide production In 2003, VENSYS granted its first license for the production of wind energy converters using the VENSYS design to the Chinese company Goldwind. Further licensees followed, including with the Spanish company Eozen in 2004, with Indian group ReGen Powertech Private Ltd. in 2007 and in Brazil with Enerwind/
The latest good news for VENSYS is the start of a large 21 wind turbine project in Cyprus. In addition to that, further turbines have been commissioned in Poland and Romania. Its licensee ReGen Powertech has just finished development of a second factory in India, in order to be able to meet the large demand for VENSYS turbines on the sub-continent. The Argentinean energy provider IMPSA is very successful with VENSYS technology on the Brazilian market, having commissioned already 82 turbines. Recently VENSYS was also able to sign a new li-
strong international licensees. Thus, VENSYS is technologically leading the development of permanent magnet direct drive technology, poised to open a new chapter of sustainable energy fueled by wind turbines.
Spring 2011
and Goldwind the market leaders in the area of gearless
cense contract with the Egyptian company A.O.I., who are at the moment actively working on plans for wind farms using VENSYS turbines.
Wind Energy in Poland
German technology and Chinese strength made VENSYS
www.vensys.de
11
Wind Energy in Poland – maps 138
88 85 99 64 91 96 60 121 98 61 63 68 59 89 122 10 57 62 126 53 54 56 Gdańsk 58 90 97 51 100 55 119 65 105 49 94 45 44 133 66 50 47 51 67 110 81 43 46 43 82 134 120 93 92 41 132 35 80 86 104 106 70 34
42 95
Spring 2011
101
Szczecin
72 33 30
37
123 36
26
139
79
28
87 115
22
75
21
Poznań
23
20
117 112 74 118
Zielona Góra
29
27
128
113
116
Wind Energy in Poland
Bydgoszcz Toruń
114
24
Olsztyn
32
31
25
83
19
W
129
13 17
73
78
Łódź
16
130
15
12
108
77
Wrocław
13
124
11
14
Kielce
Opole 135
Katowice
9
8
Kraków 7
12
76
6
4
3
Wind Energy in Poland – maps
Wind Farms in Poland existing; under construction; or in advanced stages
40
37
Białystok
Warszawa
125
Lublin
elce
4
10
69
9
Rzeszów 71 3
5
2 1
69 43 11 47 46 50 35 83 61 60 3 59 68 67 72 75 54 34 80 81 73 74 37 48 63 26 24 78 45 44 40 62 66 84 51 49 70 82 15 42 55 77 5 79 85 86
Ciechocinek 7.5 MW (Baltic Wind) Ciepłowody 40 MW (Fersa) Czyżewo 6 MW (Domrel) Darłowo 250 MW (Invenergy) Elbląg I–VI 4 x 48; 6; 4 MW (Eco-Wind) Gniewino 6 MW (Prokon) Gnieżdżewo 22 MW (PEP) Goraj 22 MW (Starke Wind) Gorzkowice 12 MW (Terna Energy) Grudziądz I–V 42,5; 28; 47,5; 47,5; 47,5 MW (Eco-Wind) Jarogniew-Mołtowo 20 MW (GDF Suez) Jędrzychowice 70 MW (GeoRenewables) Karwice 40 MW (DONG) Kicko 18 MW (GDF Suez) Kielce 35 MW (Eco-Wind) Kisielice II phase 22 MW (Fersa) Kobylany 30 MW (Gamar GHL) Komarowo 60 MW (KDE Energy Polska) Koszalin 58 MW (Eco-Wind) Krasin 20 MW (Norvento Polska) Krzyżanów 20 MW (Terna Energy) Lublin I / II 48 / 48 MW (Eco-Wind) Ludkowo 1.8 MW (PowerWind) Łukaszow 34 MW (PEP) Marszewo 100 MW (Tauron Ekoenergia) Marusza 8 MW (Prokon) Modlikowice 24 MW (PEP) Myszęcin 22 MW (Starke Wind) Nowa Niedrzwica 50 MW (Starke Wind) Olsztyn I / II 34 / 96 MW (Eco-Wind) Osieki 12.5 MW (Wiatropol International) Pagow 51 MW (Electrabel/GDF Suez) Parnowo 12.5 MW (Wiatropol International) Piątkowo 48 MW (Norvento Polska) Połczyno 1.6 MW (Wiatropol International) Połoczyno 1.6 MW (Wiatropol International) Pomorze Offshore 99 MW (Wiatropol International) Porzecze-Dobiesław 42 MW (Wiatropol International) Postolin 40 MW (Fersa) Puck 12 MW (Wiatropol International) Sława 82 MW (Starke Wind) Słupca 4.8 MW (Domrel)
Słupsk I–IV 16; 90; 18; 42,5 MW (Eco-Wind) 87 88 Smolęcin 66.7 MW (Wiatropol International) 89 90 Stramnica 4 MW (RP Global) 91 Stypułów 28 MW (Starke Wind) 92 93 Subkowy 10 MW (Prokon) 94 Suwałki I–III 47,5; 47,5; 160 MW (Eco-Wind) 95 Swarozyn 16 MW (Prokon) Szczaniec 70 MW (Starke Wind) 96 Ustka 29.9 MW (Wiatropol International) 97 Ustka/Słupsk 240 MW (Green Power) 98 99 Warblewo 40 MW (Fersa) 100 Wartkowo 30 MW (Electrabel/GDF Suez) 101 Wicko 40 MW (Tauron Ekoenergia) 102 Wschowa 80 MW (Starke Wind) 103 Zwartowo 20 MW (GDF Suez) 104 105 Under 1 MW: Barzkowice 0,16 MW 106 Bogatka 850 kW Chwałowice 300 kW 107 Chwałowice 300 kW (bd) Dąbrowa 200 kW (bd) 109 Drogosław 0,8 MW (bd) Kłonowo 450 kW 110 Kramsk 750 kW (bd) Kwilcz 160 kW Mielec 250 kW (Ventureal) 111 Nowogard 225 kW (EPA) 112 Pielgrzymka 150 kW (bd) Rembertów 250 kW Rytro 160 kW (bd) 113 Sieniawa 600 kW (bd) Słup 160 kW 114 Słup 160 kW (bd) Sokoły 600 kW 115 Sosnowiec 160 kW Sosnowiec 160 kW (bd) 116 Starbienino 250 kW Wiżajny 600 kW (Ekowiatr i Pędziwiatr) 117 Wizjany 600 kW Wróblik Szlachecki 320 kW (Energetyka Wiatrowa 118 „Galicja”) Wrocki 160 kW (Narodowy 85 Fundusz Ochrony Środowiska NFOS oraz EKO Fundusz) 119 Zagorzyce 750 kW 120 Zawoja 160 kW (bd) Zwarcienko 320 kW 121 122
126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 32 65 13 10 31 16 21 17 23 9 41 4 12 6 2 29 14 19 18 8 57 39 36 1
Spring 2011
84
39
53 76 52 58 27 71 30 38 25 22
Wind Energy in Poland
38
131
Over 1 MW: Barzowice 20.7 MW (E.ON) Bystra 20 MW (Iberdrola) Cisowo 18 MW (EnergiaEco) Darżyno 6 MW (AES/3e) Dobrzyń 34 MW (Vortex) Dukla 10 MW (Martifer) Krzęcin 6 MW (Renergsys) Gołdap 69 MW (Starke Wind) Golice 38 MW (Acciona) Górzyca 28 MW (Starke Wind) Hnatkowice-Orzechowce 12 MW (Iberdrola) Jagniątkowo 30.6 MW (EPA) Kamieńsk 30 MW (PGE) Karcin 76.5 MW (Dong) Karnice 30 MW (EPA) Karścino 69 MW (Iberdrola) Kisielice 40.5 MW (Iberdrola) Kolobrzeg 51 MW (Dong) Korsze 70 MW (EDP) Łebcz 8 MW (E.ON) Łebcz II 10 MW (E.ON) Łęki Dukielskie 10 MW (Martifer) Lisewo 10.8 MW (GreenBear) Łosino MW (Mitsui & J. Power) Malbork 18 MW (Iberdrola) Margonin 22 MW (EDP) Morownica 5 MW (Domrel) Nosalin 1.6 MW ( ) Ostrowo 30 MW (Dong) Pawłow MW (EDP) Pelplin 48 MW (Gamesa) Pępowo 7.5 MW (Domrel) Piaski 5 MW (Domrel) Piecki 32 MW (RWE) Pobłocie Małe 13.5 MW Puck 22 MW Rydwanki/Margonin 120 MW (EDP) Rzepin 58 MW (Starke Wind) Ściek 22 MW (Enercap) Skrobotowo 26 MW Śniatowo 32 MW (Power4all) Suwałki 41.4 MW (RWE) Swarzewo 1.2 MW Sztum 14.5 MW (Iberdrola) Taciewo 30 MW (RWE) Tychowo 50 MW (RWE) Tymień 50 MW (EEZ) Wałcz 4.5 MW (RP Global) Widzino 42 MW (Mitsui & J. Power) Wysocko 2.4 MW ( ) Zagórze 30 MW (Vattenfall) Zajączkowo 48 MW (J-Power) Zgorzelec 70 MW (GeoRenewables) Żurawica 12 MW (EW Galicja) Żuromin I i II 30+30 MW (Gamesa) (MW) MW () Połczyno 1.6 MW (Wiatropol International) Bogdaniec 30 MW (Starke Wind)
28 20 7 56
123 124 125
13
Developers of Wind Energy in Poland Developers of Wind Energy in Poland continued from page 10
Spring 2011
well as Australia and New Zealand. CWP is a leading player in renewable energy. The company’s primary focus is wind energy, one of the most rapidly developing branches of the energy sector. CWP’s pipeline of projects currently totals more than 6,000 MW of wind projects in different stages of development and the company continues to expand through new partnerships with local developers.
Wind Energy in Poland
Strategy for wind development in Poland: We have 350 MW of advanced projects under development and we are aiming to expand our portfolio.
Top Management team in Poland: Rüdiger Rittner, Sebastian Mertens
Contact details: Plac Rodła 8, lok.1205, Szczecin , (Poland) tel. 91 359 42 81 info.szczecin@eon.com www.eon.com/renewables
Parent company/ownership:
In construction Czyżewo - 6MW and Słupca 4,8MW
E.ON AG, Germany/Düsseldorf; www.eon.com / Corporation(E.ON AG, Germany/Düsseldorf; www.eon.com / Corporation)
Strategy for wind development in Poland:
Advisory partners:
Profile of the company:
Since entering the Polish market in 2006, CWP has built a diversified portfolio of over 700MW. By end 2010 CWP expects to have obtained all necessary consents to start construction of a 160MW project.
wpd Assets International GmbH
Planned projects in Poland:
Since 2001
Development plans exceed 700MW in various stages in central Poland and on the coast.
Subsidiary firms specializing in wind energy:
E.ON is one of the biggest investor-owned utilities worldwide with more than 85.000 employees and sales of roughly 93 bill. € in 2010. E.ON is strongly focusing on the development of renewables energies worldwide with an installed renewables capacity of 3.600 MW and further renewables investments of 2.6 billion € until 2013.
Advisory partners:
DONG Energy Renewable Polska
Strategy for wind development in Poland:
Good Energies Inc., BBB Umwelttechnik GmbH, Wind Prospect *Data from 2009
Top Management team in Poland:
E.ON is strongly focusing on the Polish onshore wind sector as an important focus market which helps the company meet its renewables targets for the Central Europe region. With investments of more than 200 Mio € in the last six years we are today one of the five biggest players in the Polish wind business. We currently operate four wind farms with an installed capacity of 86.5MW that supply 80.000 Polish households with clean wind energy. In 2010 we have inaugurated “Wielkopolska” which with 52.5MW is one of the biggest and most innovative onshore wind farms in Poland. We have a significant project pipeline for the upcoming years and aim to maintain our current growth path.
Planned projects in Poland:
DONG Energy Power A/S Date company established in Poland:
Ivan Christiansen Director
Contact details:
Contino Wind Group*
Ogrodowa 58, Warsaw, (Poland) tel. 22 520 21 90 www.dongenergy.com
Date company established in Poland:
Parent company/ownership:
Contino Polska Sp. z o.o., Contino Wind Partners Sp. z o.o., Contino Białogard Sp. z o.o., Contino Alfa Sp. z o.o., Contino Delta Sp. z o.o., Contino Gamma Sp. z o.o.
DONG Energy Denmark(DONG Energy Denmark)
Top Management team in Poland: Arnd Morschhäuser, president; In Poland: Marcin Nawrocki.
Contact details: Mysia 5, Warsaw, (Poland) tel. 22 596 50 20
Strategy for wind development in Poland: To develop from scratch portfolio of wind farms.
Advisory partners: Von der Heyden Development Sp. z o.o. * Data from 2009
Profile of the company: DONG Energy is one of the leading energy groups in Northern Europe - we are headquartered in Denmark. Our long term vision is to provide reliable energy without CO2. Today DONG Energy is the market leader in development and contraction of offshore and onshore wind farms and will keep strengthening the position.
Strategy for wind development in Poland: We have an ambitious growth strategy for the Polish market with sufficient financial resources to pursue the attractive opportunities we see in Poland.
Locations of current wind farms:
DOMREL Biuro Usług Inwstycyjnych Sp. z o.o.
Karcino 51MW, Karnice 30MW, Jagniątkowo 31 MW
Planned projects in Poland:
Subsidiary firms specializing in wind energy:
Karwice 40MW
EW Czyżewo, EW Bielice, EW Koźmin
All equity finance from the mother company DONG Energy A/S
Top Management team in Poland:
14
advisory starting from identifying proper locations, conducting wind measurements, executing all necessary studies (wind conditions analysis, environment impact study and grid connection evaluation) to obtain wind parks building permit.
Financial partners:
Roman Kierys (prezes zarządu/managing director), Tadeusz Kierys, Maciej Chmielarski, Jan Zysk
E.ON
Contact details:
Date company established in Poland:
Odzieżowa 12c/1, Szczecin, (Poland) tel. 91 812 21 08
2006
Locations of current wind farms: Lebcz 1 and 2: 18 MW, commissioned in 2007/08; Szczecin region, Baltic Sea; Wielkopolska: 52,5MW, spread over 7 sites in the; Wielkopolska region; Barzowice: 20,7MW, commissioning ongoing; Baltic Sea
Planned projects in Poland: Significant project pipeline in various regions of the country
Financial partners: Own investment capital
Eco-Wind Construction S.A. Date company established in Poland: 2005
Profile of the company:
Subsidiary firms specializing in wind energy:
The company was established in 2001 to develop, construct and operate wind parks in Poland. The firm specializes in different kinds of investment
E.ON Energie Odnawialne sp. z o.o, subsidiary of E.ON responsible for the Polish wind business of E.ON and located in Szczecin
Top Management team in Poland: Piotr Beaupré Prezes Zarządu, Krzysztof Dobosz Dyrektor Techniczny, Członek Zarządu, Michał Klesyk Dyrektor ds. Rozwoju, Członek Zarządu
Contact details: Marynarska 11, Warsaw, (Poland) tel. 22 444 08 81 biuro@ecowind.pl
Developers of Wind Energy in Poland www.ecowind.pl
EGL Polska Sp. z o.o.
Energa SA
Parent company/ownership:
Date company established in Poland:
Date company established in Poland:
Eco-Wind, Trakcja Polska, Comsa Energias Renovables S.L.(Eco-Wind, Trakcja Polska, Comsa Energias Renovables S.L.)
2000
2007
Subsidiary firms specializing in wind energy:
Subsidiary firms specializing in wind energy:
Profile of the company:
EGL AG
Energa Elektrownie Słupsk
Firma ECO-WIND Construction S.A. jest na rynku polskim jednym z wiodących podmiotów w zakresie rozwijania projektów farm wiatrowych. ECO-WIND Construction S.A. podejmuje przedsięwzięcia w branży energii wiatrowej takie jak pozyskiwanie interesujących lokalizacji pod farmy wiatrowe, dalszy rozwój projektu aż do uzyskania pozwoleń administracyjnych i pozwolenia na budowę oraz realizacja całości inwestycji włącznie z finansowaniem i organizacją budowy pod klucz. Dodatkowo firma oferuje usługi związane z eksploatowaniem i kompleksowym zarządzaniem farmami wiatrowymi w Centrum Eksploatacji Farmami Wiatrowymi na potrzeby własne i dla zainteresowanych tymi usługami klientów.Obecnie aktywne Portfolio spółki zawiera 24 projekty farm wiatrowych na łączną przyznaną moc przyłączeniową 889 MW.
Top Management team in Poland:
Top Management team in Poland:
Zbigniew Olszewski, president; Rudolf Anderegg, board member
Mirosław Bieliński, Roman Szyszko
Contact details:
Rybacka 4a, Słupsk, (Poland) tel. 58 745 84 05, 59 841 69 00 Artur.Szulc@energa.pl www.energagroup.com
EGL AG(EGL AG)
Production, distribution, and sales of electric energy, mainly from renewable sources.
Profile of the company:
Strategy for wind development in Poland:
The firm operates in 20 European countries, and has a broad portfolio of renewable energy projects.
Firm actively searching for wind farm projects to buy; will also develop fully.
Strategy for wind development in Poland: EGL Polska was established in 2000 as a subsidiary of the European energy trading company EGL Group. It is managed by Zbigniew Olszewski and has 3 employees. EGL Polska focuses its activities on trading with electricity in the Polish market. EGL Polska positions itself within the EGL Group as a strong, competent, strategic anchor in Eastern Europe. It is making use of the opportunities offered by the newly liberalised Polish market and helping its industrial customers to make the most of the new situation for their individual power procurements.
EDP Renewables Polska Sp. z o.o. Date company established in Poland:
Profile of the company:
Eneria Sp. z o.o. Date company established in Poland: 1997
Subsidiary firms specializing in wind energy: Eneria Sp. z o.o.
Top Management team in Poland: Leszek Nicgorski - Dyrektor Generalny
Contact details: Izabelin Dziekańowek 6, 05-092 Łomianki, (Poland) tel. 22 201 36 50 electrownie_wiatrowe@eneria.pl www.eneria.pl
Parent company/ownership:
01.2008
Elektrownie Wodne Sp. z o.o.
Top Management team in Poland:
Date company established in Poland:
Radosław Nowak, Member of the Board; Joao Paulo Costeira, Member of the Board; Luis Adao da Fonseca, Member of the Board
12.2000
Eneria S.A. - France / Grup Bergerat Monnoyeur(Eneria S.A. - France / Grup Bergerat Monnoyeur)
Top Management team in Poland:
Profile of the company:
Janusz Herder, president; Marek Hensler, board member
Postępu 17 B, Warsaw, (Poland) tel. 22 331 01 88 office@edprenovaveis.com www.edprenovaveis.com
Contact details:
Parent company/ownership:
Parent company/ownership:
EDP Renewables Europe S.L.(EDP Renewables Europe S.L.)
100% ENEA S.A.(100% ENEA S.A.)
Eneria develops wind farm projects, ensuring their implementation and maintenance. So far Eneria has built, and provides maintenance services for, wind farms with a total capacity of over 300 MW. Eneria Poland has installed wind farms in Poland with a total capacity of 83 MW. In addition, Eneria is developing power networks producing energy from biomass gasification.
Profile of the company:
Planned projects in Poland:
Profile of the company:
As a firm, we operate more than 20 hydro plants with 60MW, and biogas in Liszkow with 2.1 MW installed.
Confidential
Contact details:
EDP Renewables is the world leader in renewable energy sector, operating in the most attractive areas, is constantly expanding its business to new countries.
Strategy for wind development in Poland:
Samociążek , Samociążek, (Poland) ew@ew.koronowo.pl ew.koronowo.pl
Spring 2011
Spółka ECO-WIND Construction S.A. jest spółką z przewagą kapitału polskiego. Wśród akcjonariuszy spółki są duże korporacje: firma budowlano-montażowa Trakcja Polska S.A. oraz hiszpańska spółka budowlana COMSA EMTE ENERGÍAS RENOVABLES S.L.
Parent company/ownership:
Financial partners: Co-development with investors
Wind Energy in Poland
Other details
Al. Jerozolimskie 123, Warsaw, (Poland) tel. 22 529 79 45 biuro.pl@egl.eu www.egl.eu
Contact details:
Strategy for wind development in Poland: To buy ready-made wind farms and develop wind farms for the firm’s own account.
Environmental Investment Partners (USA), operating though European Investments & Partners Sp z o.o. (PL)
Achieving leadership in the renewable energy sector in Poland.
Locations of current wind farms:
Locations of current wind farms:
Planned projects in Poland:
Margonin Wind Farm 120 MW - woj. wielkopolskie;
22,5 MW (Lubuskie); 30 MW (Kujawsko-pomorski)
Date company established in Poland:
Planned projects in Poland:
Advisory partners:
Korsze Wind Farm 70 MW - woj. warmińskomazurskie.
DZP, SSW, TPA Horwath, Windtel, Windhunter
Subsidiary firms specializing in wind energy:
none
1998
Continental Wind Partners, Greenfield Wind
15
Developers of Wind Energy in Poland Top Management team in Poland: Adam de Sola Pool
Contact details: Piaskowa 12c, Konstancin-Chylice, (Poland) tel. 48 22 756 32 32 pool@eip.com.pl (English) or asr@eip.com.pl (Polish) www.eip.com.pl
Parent company/ownership: Environmental Investment Partners / USA(Environmental Investment Partners / USA)
Wind Energy in Poland
Spring 2011
Profile of the company:
velopment, representing a weighted portfolio of projects of 617MW (1.2GW of gross projects). Three projects representing about 209MW are expected to be ready-to-build in 2011.
EPA Wind Sp. z o.o. spółka komandytowa Date company established in Poland:
Planned projects in Poland: Kisielice phase II, 22 MW started in 2010, Postolín 40 MW, start 2011, Warblewo 40 MW, Ciepłowody 40 MW
December 2010 (from 1988 to 2010 as EPA Sp. z o.o.)
EIP is an early stage investor into developers of environmental and renewable energy projects. EIP has been a founder investor in CWP and Greenfield Wind. EIP has also provided seed stage finance to specific wind and solar parks throughout Central Europe. Besides financing EIP provides financial and strategic advisory services to its investee companies.
Top Management team in Poland:
Fusion Invest Polska S.A.
Wojciech Głoćko, president; Anna PasławskaMisztal, VP Board; Paweł Włoch, VP Board
Subsidiary firms specializing in wind energy:
Contact details:
JP Trading; Wind 27-JP Trading GbR
ul. Wojska Polskiego 154, Szczecin, (Poland) tel. 91 424 84 00 info@epawind.pl www.epawind.pl
Top Management team in Poland:
Strategy for wind development in Poland:
Parent company/ownership:
EIP seeks to finance experienced wind developers in Poland and throughout Central Europe. EIP can provide seed stage funding and access to later rounds of funding as well as advisory services.
EPA Sp. z o.o.(EPA Sp. z o.o.)
Rondo ONZ 1 - Budynek Rondo 1 - 26 Piętro, 00-124 Warsaw, (Poland) tel. 22 544 91 11
Profile of the company:
Planned projects in Poland:
To date our largest projects were developed for market leaders such as DONG Energy, Polish Energy Partners or GDF SUEZ. We are a company spun off from a renowned company operating since 1988, EPA Sp. z o.o. of Szczecin. From January 2011 EPA Wind officially started its operations, continuing works of the Wind Energy Department of EPA Sp. z o.o. The status of the company has changed; the registered office and team remains unchanged.
Additional investees are welcomed
Strategy for wind development in Poland:
Financial partners:
We will carry out all works related to the development of a wind farm project, from selection of an optimum site, to delivery of a final occupancy permit. Our services include planning, construction, power engineering and environmental procedures. We will carry out wind measurements and develop micrositing design of the wind farm together with an advanced productivity assessment basing inter alia on long-term wind data (P90 analysis).
Locations of current wind farms: CWP has over 160 MW under development and Greenfield Wind has over 200 MW under development. Please see their web sites: www.continentalwind.com and www.greenefieldwind.com
EIP is a fund that was created by high net worth investors to take environmental and renewable energy risks in Central Europe.
Other details EIP is also active in biogas and solar
Eolfi Subsidiary firms specializing in wind energy: Eolfi Polska
Top Management team in Poland: Stéphane Caine, President; Alain Delsupexhe, Founder and General Manager; Guy Auger, Chief Operating Officer
Parent company/ownership: Veolia Environnement (Veolia Environnement ) Eolfi has been developing wind projects in Poland since 2007 via two well-established codevelopers and more recently with its own local resources. In 2008, Eolfi set up Eolfi Polska, a fully owned subsidiary based in Warsaw to develop projects internally. Eolfi Polska will continue to co-develop some projects. As of November 2009, Eolfi Polska had 16 employees (of which 10 exclusive co-development consultants) managing 21 projects under de-
Jarosław Pawluk, president; Marek Nowakowski, finance director; Maciej Lipowczan
Contact details:
Profile of the company: Investing in renewable energy projects, directly or through partnerships. A consortium (Wind 27-JP Trading) was set up in December 2009 JP Trading and Global Wind Power (Denmark) to develop a project in Denmark.
Other details Pawluk sold his firm CTL Logistics in early 2008 to private equity firm Bridgepoint for an estimated 1 billion pln. Pawluk is ranked as the #8 richest man in Poland, according to a recent Forbes100 list.
Gamar GHL Top Management team in Poland: Joseph Michael Proffitt, Prezes Zarządu; Krzysztof Mirosław; Liszka Członek zarządu
Contact details: Rybnicka 1B, 44-335, Jastrzębie Zdrój, (Poland)
Locations of current wind farms:
Locations of current wind farms:
Projects completed or in process of completion: 154 MW; Projects completed with partners: 103 MW; Projects being prepared: 143MW
Kobylany 30 MW
Planned projects in Poland:
GDF SUEZ Energia Polska S.A.
Around fifteen projects in voivods of Wielkopolskie, Dolnośląskie, WarmińskoMazurskie and Kujawsko-Pomorskie.
Date company established in Poland:
Profile of the company:
16
Kisielice wind farm which will consist of 11 Enercon E82-2MW turbines providing a total capacity of 22 MW. The first phase was completed with the launch of 2 MW during the third quarter of 2008. It is estimated that the wind farm will generate 55.2 GWh a year.
1979
Subsidiary firms specializing in wind energy:
Fersa
Beta Sp. z o.o.; Gamma Sp. z o.o.; GDF Suez Zielona Energia
Contact details:
Top Management team in Poland:
tel. +34 93 240 53 06 fsantos@fersa.es (Fatima Santos)
Management of GDF SUEZ Energia Polska S.A: Grzegorz Górski - Prezes Zarządu; Jerzy Kak Wiceprezes Zarządu, Dyrektor Generalny; Bogdan Pilch - Wiceprezes Zarządu, Dyrektor ds. Rozwoju Biznesu; Alfreda Świtek - Członek Zarządu, Dyrektor Finansowy; Robert Zadora Wiceprezes Zarządu, Dyrektor ds Inwestycji.
Profile of the company: The Company currently has a total installed capacity of 14 MW, of which 11.6 MW is attributable and is located in France and Poland. Work has begun on the second phase of the
Spring 2011
Developers of Wind Energy in Poland
Zawada 26, Połaniec, (Polska) tel. 48 15 865 66 01 sekretariat@gdfsuez.pl www.gdfsuez-energia.pl
tel. 22 591 54 70 piotr.siennicki@georenewables.pl
Parent company/ownership: GEO Renewables LTD (Holding)(GEO Renewables LTD (Holding))
Parent company/ownership: Corporacion Gestamp(Corporacion Gestamp)
Profile of the company:
Locations of current wind farms:
Various locations. Plans for 1400 MW
“Jarogniew - Mołtowo” - 20 MW - completed; “Wartkowo” - 30 MW - in construction stages
Financial partners:
Gestamp Eólica relies on the international platform and industrial capabilities of Grupo Gestamp as well as on a team of highly-qualified and experienced professionals. Gestamp Eólica is composed by a workforce with extensive experience in the renewable energy sector especially in developing wind energy projects in the international markets. Currently, Gestamp Eolica has a total of 360MWs of wind-farms either under operation or under construction in countries such Spain, Belgium, Brazil and Turkey.
Own capital/EU financing/debt financing
Strategy for wind development in Poland:
Planned projects in Poland:
Advisory partners:
Projekty najbardziej zaawansowane technicznie: Kicko 18 MW, rozbudowa Jarogniew Mołtowo o 4 MW oraz Zwartowo 20 MW
Gamesa; Iberdrola, Chadbourne & Parke, Ernst & Young, Dewy & Leboeuf
Advisory partners: Tebodin, Tractabel Engineering, Salans
GEO’s top management team was previously at EDP.
Within next 5 years, Gestamp Eolica Polska plans to have around 300 MWs of wind-farms under operation with the construction of the first project to start at the begining of 2011. * Data from 2009
GEO Renewables S.A.
Gestamp Eolica Polska Sp. z o.o.*
Date company established in Poland:
Date company established in Poland:
Top Management team in Poland:
2008
2010
Subsidiary firms specializing in wind energy:
Piotr Siennicki, Prezes Zarządu
Gestamp Eolica CEE Development Director Jaime Poves Lopez, Gestamp Eolica Polska CEO Robert Trzaskowski
Contact details:
Contact details:
Al. Krakowska 264, Warsaw, (Poland)
Racławicka 130, 02-634 Warsaw, (Poland) tel. 22 646 0211
Parent company/ownership:
Profile of the company:
GDF SUEZ Energia Polska S.A.(GDF SUEZ Energia Polska S.A.)
Electricity generation via wind farms in Poland.
Profile of the company:
To become the leader in Poland’s renewable energy sector
Generates conventional energy; renewable energy in fields of biomass and wind.
Strategy for wind development in Poland: By 2015, plan is to have wind farms of power 300 MW.
Strategy for wind development in Poland:
Locations of current wind farms: In process of developing 70 MW in Jędrzychowice and Zgorzelec
Planned projects in Poland:
Other details
Wind Energy in Poland
Contact details:
Gewind Sp. z o.o.
Top Management team in Poland:
Gewind Budziechow, Gewind Grabik, Popielawy, Szadek 6MW, Rokiciny, Porwind
Top Management team in Poland: Paulo Albuquerque, Director
17
Developers of Wind Energy in Poland Contact details:
Contact details:
Poznańska 62/68, Poznań, (Poland) paulo.albuquerque@gewind.pl www.gewind.pl
Al. Jerozolimskie 81, Warsaw, (Poland) tel. 22 212 61 01 poland@greenbearcorp.com www.greenbearcorp.com
Parent company/ownership: Gesfinu SA, from Portugal 100%(Gesfinu SA, from Portugal 100%)
Strategy for wind development in Poland: Green field development and participation/purchase of developing projects for future operation/exploration
Spring 2011
Planned projects in Poland: 3 Wind Parks (WP) in Lodzkie, totaling 32 MW, to be developed by 2013; 2 WP in Lubuskie, totaling 12 MW, to be developed by 2013; 1 WP with 15 MW in Dolnoslaskie, to be developed by 2015 and 1 WP with 30 MW in Podkarpackie, to be developed by 2015
Financial partners: International Banks
Advisory partners: Kancelaria Radcy Prawnego Jacek Kus, Wojnarscy, Lubowski i Seweryn Kancelaria Radców Prawnych Sp. j., Megajoule Polska
Global Wind Energy Poland Sp. z o.o. Date company established in Poland: 06.2008
Subsidiary firms specializing in wind energy: KWE Sp. z o.o.
Top Management team in Poland:
Wind Energy in Poland
Reuven Sharon, Henryk Sędzik
Contact details: Wilcza 66/68 , Warsaw, (Poland) tel. 22 622 32 21 info@globalwindenergy.pl www.globalwindenergy.pl
Parent company/ownership: Ampal, Clal Industries & Investments, Israel / Global Wind Energy Ltd.(Ampal, Clal Industries & Investments, Israel / Global Wind Energy Ltd.)
Profile of the company: Greenfield wind farm development.
Locations of current wind farms: working on development of 175 MW wind farm with Kopalnią Węgla Brunatnego Konin through spv KWE.
Planned projects in Poland: Two more wind farms of 40 MW each.
Green Bear Corporation Poland Sp. z o.o. Date company established in Poland: 06.09.2006
Subsidiary firms specializing in wind energy: Green Bear Wind Poland Sp. z o.o.
Top Management team in Poland: Jean-Claude Moustacakis - CEO
18
Parent company/ownership: Green Bear S.A. - Luxembourg / Green Bear S.A.(Green Bear S.A. - Luxembourg / Green Bear S.A.)
Profile of the company: Green Bear is a player in the renewable energy market with a core business of acquiring, developing & operating wind energy projects in Poland. Green Bear was established in January 2007. It is registered in Luxembourg, while the Company’s operational headquarters is located in Warsaw. Green Bear’s shareholders are private investors from various European
countries (Luxembourg, Switzerland and France). In September 2007 Green Bear completed the acquisition of its first operating wind farm in Poland - Lisewo, with a capacity of 10.8 MW is managed and operated by the Company. Green Bear also develops a portfolio of wind farm projects with more than 500 MW of capacity, currently at different development status. 44 MW of the most advanced project is permitted and construciton is planned to start by end of the year. The compnay plans to deliver more than 100 MW of permitted projects in 2012.
Strategy for wind development in Poland: Development of wind farm projects, its operation, production of electricity.
Locations of current wind farms: Lisewo - Gniewino Commune, 10,8 MW
Developers of Wind Energy in Poland
Financial partners: Investors from several European countries (Luxembourg, Switzerland, France, Poland).
Advisory partners: Vastas, GFKK, Lovells, Tebodin, Energotelprojekt CDM, Wind Prospect, Garrad Hassan
velopment of wind farm projects in Poland. Plans to develop with Relight.
Infusion Polska Sp. z o.o.
Planned projects in Poland:
2006
250 MW of projects in early stages of development, including 100 MW with development partner.
Subsidiary firms specializing in wind energy:
Miguel Peres, Country Manager
Iberdrola
Contact details:
Contact details:
Al. Solidarnosci 117, Warsaw, (Poland) tel. 22 440 5891 polska@infusion.pt www.infusion.pt
Date company established in Poland: June 2006
Profile of the company:
Subsidiary firms specializing in wind energy:
The number one energy company in Spain, the world’s top wind power producer and one of the largest utilities internationally. The integration of ScottishPower and Energy East (now IBERDROLA USA), and the international expansion of IBERDROLA RENOVABLES, have turned the Atlantic basin into its main area of development.
Green Power Pomorze Sp. z o.o.
Top Management team in Poland: Masaaki Matswoka, Director
Contact details: Wileńska 35/1, Słupsk, (Polska/ Japan) tel. 59 848 12 25 matswoka@greenpower.co.jp www.greenpower.co.jp
Parent company/ownership: Green Power Investment Corporation(Green Power Investment Corporation)
Profile of the company: On September 2004 CEO of Eurus Energy Holdings established Green Power Investment in Japan and started the investment through its subsidiary Green Power Polska Sp. z o.o. in June 2006.
Strategy for wind development in Poland: The implement as many wind projects as possible and to provide environmentally friendly investment opportunities for more investors under trustworthy asset management.
Planned projects in Poland: North Poland 9160 MWs + 80 MWs; SouthEast Poland 40 MWs + 100 MWs
Greenfield Wind Sp. z o.o Date company established in Poland: 2009
Top Management team in Poland: Peter Hogren, Karol Nagórka
Contact details: Nowogrodzska 50, 00-695 Warsaw, (Poland) peter@greenfieldwind, karol@greenfieldwind.com www.greenfieldwind.com
Parent company/ownership: Greenfield Wind AB, Szwecja / private shareholders(Greenfield Wind AB, Szwecja / private shareholders)
Profile of the company: Swedish developer in the renewable energy sector, developing in Poland wind projects with various partners.
Strategy for wind development in Poland: Work with international partners on joint de-
Infusion Polska Sp. z o.o.
Top Management team in Poland:
Al. Niepodległości 69, 02-626 Warsaw, (Poland) tel. 22 322 72 00 www.iberdrola.com
Green Power Polska Sp. z o.o.
Date company established in Poland:
Other details Qatar’s state-owned investment arm QIA is buying 6.13% of Iberdrola for $2.8 billion. Iberdrola will use the cash to buy back shares in its renewables subsidiary, and finance activities in Brazil.
Ibereolica Sp. z o.o. Top Management team in Poland:
Parent company/ownership: Infusion SGPS - Portugal / Infusion SGPS(Infusion SGPS - Portugal / Infusion SGPS)
Profile of the company: Infusion is a Portuguese Renewable Energy Company that was incorporated in 2005 with the aim of developing and operating wind energy projects in prime wind resource locations. Infusion is currently developing projects in several geographies across Europe, namely Portugal, Poland, Romania and Czech Republic. Over the past years, Infusion has focused its activity on developing wind farm projects. Infusion expects to commission its first Wind Farm (located in Portugal) by 2Q11.
Strategy for wind development in Poland: Site assessment and selection; Environmental, Technical and Economic Feasibility studies; Completion of licensing procedures; Construction and Operation of projects
President Mr Ignacio Huarte, Director Mr Xavier Canals; Operating Director Mr Rafał Siwiec
Planned projects in Poland:
Contact details:
Financial partners:
Chmielna 101/102, Gdańsk, 80-748, (Poland) tel. 58 301 61 60 canals@ibereolica.com www.urielinversiones.com; www.ibereolica.com
Wind farm project development is financed through shareholders’ equity. Construction will be financed on a project finance basis
Parent company/ownership: Ibereolica is part of the group Iniciativas Energeticas SA, focused on renewable energy generation. URIEL INVERSIONES SA is the owner of the group. (Ibereolica is part of the group Iniciativas Energeticas SA, focused on renewable energy generation. URIEL INVERSIONES SA is the owner of the group. )
Tier I Projects - 109 MW, Tier II Projects - 185 MW, Tier III Projects - 100 MW
Advisory partners: DZP - legal advisors; CDM - environmental consultants; Megajoule - wind resource consultants; GES - technical design
Invenergy LLC Subsidiary firms specializing in wind energy: EEZ Sp. z o.o.
Profile of the company:
Top Management team in Poland:
Uriel Inversioness SA started in 1927. Diversified interests in Latin American, Asia and Europe. Firm operates hydro of 14 MW and wind of 268,4 MW.
Thomas Flanagan
Strategy for wind development in Poland: Ibereolica developing wind farms of 400 MW, and in 2011 plans to commence work on first wind project in Poland.
Advisory partners: Kancelaria Domański Zakrzewski Palinka, KPMG, Deloitte, Global Energy Services, Garrad Hassan, PROEKO.
Spring 2011
Projects developer in different regions of Poland, the portfolio including above 500 MW in different stages.
Wind Energy in Poland
Planned projects in Poland:
Contact details: One South Wacker Drive, Chicago, (USA) tel. 1 312 224 1400, 22 548 48 50 www.invenergyllc.com
Profile of the company: Invenergy and its affiliated companies develop, own and operate large-scale renewable and other clean energy generation facilities in North America and Europe. Invenergy is commited to clean power alternatives and continued innovation in electricity generation.
19
Developers of Wind Energy in Poland Invenergy’s home office is located in Chicago and it has regional development offices throughout the United States and in Canada, Poland and Scotland.
pand portfolio of operating wind farms in the countries where now active: the Netherlands, the United Kingdom, France and Poland. In Norway, developing small hydro projects.
Martifer Renewables S.A.
Planned projects in Poland:
Strategy for wind development in Poland:
Darlowo -250 MW (2012)
Antonio Castro, president; Artur Violante, board member; Izabela Jakubiec, board member
Subsidiary firms specializing in wind energy:
60MW wind farm development Komarowo in Goleniow near Szczecin. Three 6MW projects in an advanced stage of develpoment in the Northwest region of Poland. Several other projects between 6 and 18 MW in more early stages of development.
Zajączkowo Windfarm Sp. z o.o.
Advisory partners:
Profile of the company:
Top Management team in Poland:
Clifford Chance for legal advice, Deutsche Wind Guard for wind measurements, most wind turbine suppliers like Vestas, Enercon, Siemens, Repower and Nordex, etc.
Firma Martifer Renewables S.A. Development and operation of wind farms
Other details
Megawat Kanin
KDE Energy działa na polskim rynku od 2006 roku rozwijając projekty przy współpracy z lokalnymi deweloperami
Contact details:
J-Power / EPDC
Artur Grybek
Spring 2011
Contact details: 15-1, Ginza 6-chome. Chuo-ku, Tokyo, (Japan) tel. 81-3-3546-2211 webmaster@jpower.co.jp; artur_grybek@jpower.com.pl www.jpower.co.jp/english/index.html
Parent company/ownership: Profile of the company:
Kulczyk Investments
One of Japan’s major power utilities, as of the end of May 2010, J-Power has built and operate 67 power plants with a total output capacity of 16,992.5 megawatts and a transmission network of about 2,400 kilometers of power lines.
Top Management team in Poland:
Strategy for wind development in Poland:
ul. Krucza 24/26, Warsaw , (Poland) tel. 22 522 3110
Wind Energy in Poland
Locations of current wind farms: Zajaczkowo Windfarm Sp. z o. o. (“ZWS”), the operating company which J-POWER (Electric Power Development Co., Ltd.; President, Yoshihiko Nakagaki) established in Poland in partnership with Mitsui & Co., Ltd. (President & CEO, Shoei Utsuda; “Mitsui”) and WFL Windfarmer AG (President, Martin Neese; “WFL”) of Switzerland, commenced commercial operation of its Zajaczkowo wind power plant. J-POWER and Mitsui each hold a 45% stake and WFL the remaining 10% in ZWS.
Top Management team in Poland:
Contact details: Wyczółkowskiego 16, Gliwice, (Polska) tel. 12 628 66 25 renewables@martifer.com.pl www.martifer.com/renewables
Świętojańska 87 , 81-389 Gdynia, (Poland) tel. 58 620 65 58
Dariusz Mioduski, CEO; Michał Michalski, Investment Director
Contact details:
Megawat Kanin want to build 8 wind farms 135,4 mln PLN in zachodniopomorskie
Mitsui Renewable Energy Europe Ltd.(“MREE”) Subsidiary firms specializing in wind energy: Zajączkowo Windfarm Sp. z o.o. (“ZWS”)
Profile of the company:
Parent company/ownership:
Kulczyk has deep experience in Poland’s energy sector, especially in oil and gas, and has recently announced intention to move into the wind sector. Also involved in shale gas sector.
Mitsui & Co., Ltd.(Japan)(Mitsui & Co., Ltd.(Japan))
KWE Sp. z o.o.
Profile of the company: MREE established in 2007 as subsidiary of Mitsui focusing on renewable energy in Europe.
Locations of current wind farms: ZWS - 48MW (2MW ×24 units).
Date company established in Poland:
Other details
04.2010
Cooperation with J-Power
Top Management team in Poland: President, Reuven Sharon; Board members: Bartłomiej Karbowy, Grzegorz Frąckowiak
Norvento Polska Sp. z o.o.
Contact details:
Date company established in Poland: 2009
Date company established in Poland:
600-lecia 9, Kleczew, (Poland) tel. 63 247 55 55 biuro@kwe.konin.pl www.kwe.konin.pl
05.2009
Parent company/ownership:
Contact details:
Top Management team in Poland:
KWB Konin w Kleczewie S.A. i Global Wind Energy Poland Sp. z o.o.(KWB Konin w Kleczewie S.A. i Global Wind Energy Poland Sp. z o.o.)
Emilii Plater 53, Warsaw, (Poland) tel. 22 370 61 80 norventopolska@norvento.com www.norvento.com
Profile of the company:
Parent company/ownership:
Professional development of greenfield wind projects and its further operation.
Norvento SL, Hiszpania, member of the group Norvento Enerxia / Private capital(Norvento SL, Hiszpania, member of the group Norvento Enerxia / Private capital)
KDE Energy Polska Sp. z o.o.
Jaap Wolters, Frank Hoiting
Contact details: Pl. Stefana Batorego 5/19, Szczecin, (Poland) tel. 91 813 67 08 info-polska@kde-energy.com www.kde-energy.com
Parent company/ownership:
Strategy for wind development in Poland:
KDE Energy B.V.(KDE Energy B.V.)
Development of wind farm projects of total power up to 175 MW in the area of koniński district.
Profile of the company: The Dutch parent company KDE Energy BV is specialized in development and construction of onshore wind farms in Europe. Development portfolio is around 2000MW. Future plans to ex-
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2005
Strategy for wind development in Poland:
J-Power/EPDC / Japan(J-Power/EPDC / Japan)
J-POWER with Mitsui active on the Polish market for several years. In process of assembling portfolio of wind projects.
Date company established in Poland:
Advisory partners: Cooperation with leading companies: legal, advisory, turbine manufacturers and financial.
Top Management team in Poland: Wojciech Cetnarski, board member; Santiago Ibanez Lopez, board member
Profile of the company: NORVENTO is a business group dedicated to the promotion, construction and operation of power plants which use renewable energy sources. It has been in the energy sector since
Developers of Wind Energy in Poland
Purchase of projects in various stages of development, development of our own projects, and long-term ownership of wind farms.
Locations of current wind farms: Ready projects: Piątkowo 48 MW, and Krasin 20 MW.
Planned projects in Poland: Portfolio of about 250 MW planned for the next 3-5 years.
Financial partners:
Locations of current wind farms: Co-owner of wind park Kamieńsk – 30 MW. This park consists of fifteen wind turbines of 2 MW each and is extended for another 18 MW. The plant is located on Mount Kamieńsk near Belchatow. This is the first such investment in the PGE SA Capital Group. In 2009, firm bought Elektrownię Wiatrową Resko, a wind farm, which will be located in three municipalities in Zachodniopomorskie. The planned power plant is 90 MW. At the same time we are conducting preparatory work for several wind power plants under the name “Cytisus”. In 2011 we will begin construction work on the farms Wojciechowo (28 MW) and Lotnisko (90 MW).
Portwind Sp. z o.o. Date company established in Poland: 12.2010
Contact details: Al. Jerozolimskie 56C, Warsaw, (Poland) tel. 728 488 374, 22 462 26 70 biuro@abb-fdo.pl
Parent company/ownership: Portwind is owned by Urbancraft Energia S.A. (the joint enterprise of two well-known Portuguese construction companies ABBorges and FDO) and Tecneira – Novas Energias S.A. (company belonging to ProCME group, the Portuguese tycoon of highly specialized energy engineering).(Portwind is owned by Urbancraft Energia S.A. (the joint enterprise of two wellknown Portuguese construction companies ABBorges and FDO) and Tecneira – Novas Energias S.A. (company belonging to ProCME group, the Portuguese tycoon of highly specialized energy engineering).)
Profile of the company:
In Spain - Bank Caixa Galicia, strategic parnter financing wind projects. In Poland - commercial banks and international financial institutions.
Planned projects in Poland:
PGE Energia Odnawialna S.A.
Polish Energy Partners
Date company established in Poland:
Top Management team in Poland:
1993
Zbigniew Prokopowicz, president, Anna Kwarcińska, VP Board; Michał Kozłowski, VP Board.
Portwind Sp. z o.o. has been established to develop, build and operate facilities of renewable energy sources, mainly wind farms, in Poland. The Company is implementing several wind farm projects at different stages of development, and expect to start construction in 2012. Both Portwind is also providing the EPC services (engineering, procurement and construction) to a wind farm investors as well as operation and maintenance services to wind parks owners.
Contact details:
Strategy for wind development in Poland:
ul. Wiertnicza 169 , 02-952 Warsaw , (Poland) tel. 22 390 81 00 info@pepsa.com.pl
Portwind’s goal for the next four years is to construct and operate wind farms in Poland of 200MW capacity.
Profile of the company:
Other details
Polish Energy Partners S.A. (PEP S.A.) is a company specialising in development, implementation, and management of electricity and heat generation projects. PEP S.A. offers its services on two markets: industrial power outsourcing, production of electricity from renewable sources (wind and biomass)
Between CME and ABB-FDO, they have the technical capacity and experience in construction as well as operation of RES facilities. Portwind also provides the EPC services (engineering, procurement and construction) to wind farm investors as well as operation and maintenance services to wind park owners.
Subsidiary firms specializing in wind energy: EW Kamieńsk, EW Resko, EW Gniewino, EO Baltica, EW Turów Sp. z o.o.
Top Management team in Poland: As of January 2011, the Board consists of Jacek Podlewski – Vice-President of the Management Board acting as President of the Management Board; Marek Szostek – Vice-President; Norbert Sadek – Vice-President
Contact details: Ogrodowa 59 a, Warsaw, (Poland) tel. 22 433 11 00 sekretariat@elsp.com.pl www.elsp.com.pl
Parent company/ownership: PGE Polska Grupa Energetyczna SA(PGE Polska Grupa Energetyczna SA)
Profile of the company: PGE Renewable Energy SA has long been a leader on the Polish market for renewable energy sources. The company provides security system services to support the national electricity system, and generates and supplies electricity to the highest quality, produced using environmentally friendly technologies, renewable sources of primary energy. The company was founded in 1993 and changed its name in 2008.
15 locations totaling 870 MW. 3 locations offshore of 1000 MW.
Strategy for wind development in Poland: Listed on the Warsaw Stock Exchange. PEP has been successful in developing wind farms to early stages, or even advanced stages, before selling to larger utilities. Recent wind farms have been sold to RWE and to Electrabel (GDF Suez).
Prokon New Energy Poland Sp.z o.o. Date company established in Poland: 2007
Top Management team in Poland: Carsten Rodbertus, Ralf Dohmann, Henning Mau
Locations of current wind farms:
Contact details:
Gnieżdżewo near Puck 22MW. Lukaszow (34 MW) and Modlikowice (24 MW) under construction. Sold Wartkowo (30 MW) to Electrabel.
Budowlanych 64 D, Gdańsk, (Poland) tel. 58 342 46 23 info@prokon-pl.net www.prokon-pl.net
Planned projects in Poland:
Parent company/ownership:
1,000 MW of wind farm projects in development.
PROKON Holding GmbH & Co. Verwaltungs. (PROKON Holding GmbH & Co. Verwaltungs.)
Strategy for wind development in Poland:
Other details
Profile of the company:
In accordance with the investment policy (Program 1000 MW), the company carries out advanced work in preparation for the
Sold development rights to Pagow (51 MW) wind farm to Electrabel in December 2010 for 43 million pln
Wind energy, investment in green projects, and biogas.Prokon has been developing wind energy projects
Spring 2011
Strategy for wind development in Poland:
construction and purchase of more wind farms in areas of voivodships: Podkarpackie, Wielkopolskie, Warmia – Mazury, Podlasie and Zachodniopormorskie. Planned projects are also an off-shore wind farm.
Wind Energy in Poland
1981. NORVENTO is owned by the Fernández Castro family, founder of the Group, and by Corporación Caixa Galicia , its partner in the development of the energy projects, with a 20% stake. Its origins are linked to providing engineering and consulting services, in the electric and energy sectors, especially in the areas of transport and distribution of electrical and renewable energy. NORVENTO has been a pioneer in the development of renewable energies in Spain and, nowadays, it is the biggest Galician energy group in terms of the installed capacity.
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Developers of Wind Energy in Poland over 15 years, and has 32 wind farms in Germany.
Strategy for wind development in Poland: In July 2009, Prokon announced plans to sign up Vestas for the 105-meter-high V90 wind turbines for eight power plants it will erect in Poland. The total capacity of Prokon’s initial venture into the Polish wind market will be 96 MW.
Planned projects in Poland: By the year 2012, plans to build wind farms in Gniewino (woj.pomorskie) 6MW, Subkowy (woj. pomorskie) 10MW, Marusza (woj.kujawsko- pomorskie) 8MW, and Swarozyn (woj.kujawsko-pomorskie) 16 MW
Contact details:
Locations of current wind farms:
Birkenweg 4, D-06722 Wetterzeube OT Trebnitz, (Germany) tel. 49-36693-20157 info@renergiegreensolutions.de www.renergiegreensolutions.de
In Operation: Tychowo 50 MW, Wałcz 4,5 MW, Stramnica 4 MW
RENERGIE is a 100 % subsidiary of RaiffeisenHolding Niederösterreich-Wien(RENERGIE is a 100 % subsidiary of Raiffeisen-Holding Niederösterreich-Wien)
Spring 2011
RWE Polska Subsidiary firms specializing in wind energy: RWE Renewables Polska
Renovatio Power Polska Sp. z o.o.
Top Management team in Poland: Filip Thon, Prezes RWE Polska
Advisory partners:
Date company established in Poland:
Contact details:
Vestas
12.2008
ul. Wybrzeże Kościuszkowskie 41, Warszawa, (Polska) tel. 22 821 3111 www.rwe.pl
Michał Moczkowski, board member
Relight CEE
Contact details:
Date company established in Poland:
Relight CEE
Plac Trzech Krzyży 18, Warsaw, (Poland) tel. 508 008 362, 508 008 361 poland@renovatiopower.com www.rnvgroup.com
Top Management team in Poland:
Parent company/ownership:
Marcello Deplano, CEO
R.G. Renovatio Group Limited(R.G. Renovatio Group Limited)
09.2010
Subsidiary firms specializing in wind energy:
Contact details: Al. Armii Ludowej 26, PL-00-609 , Warsaw, (Poland) marcello.deplano@relight.it www.relight.it/index.php?lan=en
Parent company/ownership: Relight, Italy(Relight, Italy)
Profile of the company: Deweloper and operator of wind farms.
Strategy for wind development in Poland: The company has achieved so far a pipeline of 100 MW and additional 400 MW are in preparation for the next 3 years.
Profile of the company:
Wind Energy in Poland
About 170 MW planned WF projects in next three years
Parent company/ownership:
Top Management team in Poland:
Relight CEE is the newborn creation of Relight Group, a leading operator on the Italian renewable energy market developing and managing (directly or through its subsidiaries) over 5,000MW of medium to large wind farms and PV. Whilst benefitting from the Group’s international experience, Relight CEE will make use of local Polish expertise in order to bring to realisation its pipeline of 300MW.
RP Global Poland Sp. z o.o. Date company established in Poland: 2007
RWE AG(RWE AG)
Profile of the company: The biggest companies belonging to RWE are RWE Polska – the company responsible for supporting the development of the group in Poland, sells energy to approximately 900 customers and thousands of companies; RWE Stoen Operator, which manages Warsaw’s electric power network; and RWE Renewables Polska, which by 2015 plans to develop 300 MW of wind farm projects in Mazury, Pomorze and Wielkopolska. By 2015, the company plans to develop in Poland, 300 megawatts of wind energy, and thus become a significant investor in the industry.
Subsidiary firms specializing in wind energy:
Locations of current wind farms:
Megawatt Baltica, Megawind Polska, Wiatrowa Baltica, Megawatt NW, Megawatt Polska, Windpol
Planned projects in Poland:
Top Management team in Poland:
Relight CEE wants to develop 300MW, one third of them planned to be in construction by 2013. A strategic partnership covering the first 100MW is operational. Relight CEE will keep direct control over all phases of plant development until construction
Tomasz Zelek, Board member
Planned projects in Poland:
Parent company/ownership:
Strategy for wind development in Poland:
Strategy for wind development in Poland:
Contact details: Al. Wojska Polskiego 70, Szczecin, (Poland) tel. 91 432 25 80 hq.szczecin@rp-global.com www.rp-global.com
Suwalki (41.4 MW); Piecki (32 MW) By 2015, the company plans to build in Poland 300 MW from wind energy. RWE already realized an investment in Suwalki, with a total capacity of 42 MW (18 wind turbines). The next stage of investment in wind energy is a wind farm in Tychow. Its completion is planned for 2010. RWE plans to install at this location 15 wind turbines with a capacity of 2.3 megawatts each.
The first 100MW of our budgeted 300MW are currently under development in the North-East and the South-Centre of Poland
Parent company/ownership:
Starke Wind Polska Sp. z o.o.
RP Poland Development S.L.U (RP Poland Development S.L.U)
Date company established in Poland:
Financial partners:
Profile of the company:
Top Management team in Poland:
Relight CEE is fully owned and financially backed by Relight of Italy.
RP Global is a firm with Austrian and Spanish roots with 26 years experience in the renewable energy sector. Currently is opeational in hydro and wind, at various stages in many countries, including Austria, Portugal, Spain, France, Croatia, Turkey and Chile. Active in Poland since 2005. Most projects in Poland located in Pomorze region.
Jan Starke Prezes, Alicja Chilińska Dyrektor, Peter Buchta Prokurent
Renergie Top Management team in Poland: Andreas Glatzer, Managing Director; Manfred Burger, Managing Director
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Planned projects in Poland:
02.12.2004
Contact details: Kosynierów Gdyńskich 51, Gorzów Wlkp., (Poland) tel. 95 737 06 66 biuro@starkewind.pl www.starkewind.pl
Spring 2011
Developers of Wind Energy in Poland
Jan Starke ( Jan Starke )
Profile of the company: The core business of our company is development of wind farm designs, site selection, performance of all necessary studies and development of building permit designs. Moreover, the above list may be supplemented with acquisition of all required permits, selection of the strategic investor, investment protection and supervision over the implementation and operation of the wind farm. Currently our company is developing over a dozen different projects with planned capacity amounting to almost 600 MW. We have considerable experience in development and implementation of wind farm projects in both Germany and Poland. Our corporate profile comprises all services required for development, construction and operation of wind farms. The knowledge of the developing market we acquired is an excellent opportunity for the growth of the alternative energy industry.
Strategy for wind development in Poland: Pre-development; Development; Permitting; Financing of Project; Completion of Investment; Operation.
Planned projects in Poland: phase I: Starke Wind Rzepin, Starke Wind Górzyca; phase II: Starke Wind Goraj, Starke Wind Nowa Nied , Starke Wind Sława;
phase III: Starke Wind Bogdaniec, Starke Wind Myszęcin, Starke Wind Stypułów, Starke Wind Szczaniec, Starke Wind Wschowa
Taiga Mistral
Advisory partners:
Subsidiary firms specializing in wind energy:
Kancelaria Wardyńscy & Wspólnicy; Energoporjekt - Poznań SA; Energoprojekt - Kraków SA; Biuro Inżynierskie “WINDTEL”; Windhunter S.C.; Autorskie Biuro Projektów M&G; Wind & Regen; Intergeo S.C.; other
Stream Invest Contact details: Chatzenrain 28, CH-6064 Kerns, (Switzerland) tel. 41 6611-462 info@streaminvest.ch
Profile of the company:
Date company established in Poland: 2008 in Spain
Tundra Advisory (exclusive advisors for Taiga Mistral)
Top Management team in Poland: Mikel Garay (Managing Director)
Contact details: Camino de la Zarzuela, 15 Edificio B - Planta 2, 28023 Aravaca – Madrid Tel. +34 91 3576310 Fax +34 91 3579941 Camino de la Zarzuela, 1 - 1ª, 28023 Aravaca, Madrid, (Spain) tel. 34 91 357 63 10, 48 668 282 993 mikel.garay@taigamistral.com www.taigamistral.com
The company has operations in 8 European countries and an international network of subsidiaries and partner companies to ensure that it can meet any of its operational needs. SIH’s strategy is to fund the creation of new wholly-owned subsidiaries as well as investing in existing companies and intensively pursuing cooperation deals with competent partners.
Parent company/ownership:
Strategy for wind development in Poland:
Strategy for wind development in Poland:
Unconfirmed reports that Stream intends to expand in Poland.
Acquire local well prepared and advanced wind farm projects from local developers. Fi-
Wind Energy in Poland
Parent company/ownership:
Taiga Mistral Gestión SGECR, SA (Spain) / Banco Santander, Caja Navarra, Caja Avila & some particulars(Taiga Mistral Gestión SGECR, SA (Spain) / Banco Santander, Caja Navarra, Caja Avila & some particulars)
Profile of the company: Private equity fund investing in wind energy in Poland.
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Developers of Wind Energy in Poland nalise the development, finance, construct, own and operate the wind farms.
Locations of current wind farms: 41,4 MW under construction in the north of Poland.
Planned projects in Poland: Total target: 200 MW to be constructed in 2011- 2013. 41,4 MW under construction. Rest of the projects under development.
Financial partners: Market Project Finance.
Advisory partners: Tundra Advisory
Other details
Spring 2011
Looking to acquire wind farm projects.
Tauron Ekoenergia Contact details: ul. Obrońców Pokoju 2B, 58-500 Jelenia Góra tel. 75 754 68 00
Profile of the company: Tauron operates in 17 % of the country. The Group is the second largest electricity producer in Poland and the leader in sales of energy, both for corporate clients and individuals. Strategy: As part of capacity expansion, Tauron group will develop production from renewable sources. Ultimately, this energy is to be about 3.5 TW/year. IPO on Warsaw Stock Exchange in 2010.
Wind Energy in Poland
Strategy for wind development in Poland: The strategy of the group is to generate 440 MW in wind energy by 2020. Investment towards this goal will require 1,1 billion zł during the period 2010-2012 and 2,8 billion zł from 2013-2020.
Planned projects in Poland: Marszewo - 100 MW (’14); Wicko - 40 MW (’12)
Terna - Energy (Eolos Polska Sp. z o.o.) Top Management team in Poland: Andrzej Roeding operation Manager at EOLOS Polska Sp. z o.o.
Profile of the company: TERNA ENERGY SA is actively involved in the production of energy from Renewable Energy Sources (RES) and, in particular, in the construction and operation of Wind Farms, Small Hydroelectric Plants and Integrated Process Units for the overall management and energy utilization of wastes and biomass.
Planned projects in Poland:
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Top Management team in Poland: Grzegorz Skarżyński, Investment Director
Subsidiary firms specializing in wind energy:
Contact details:
Vattenfall Poland, Vattenfall Wolin-North
ul. Słomińskiego 5/259, Warsaw, (Poland) tel. 22 530 94 94 tundra@tundraadvisory.com www.tundraadvisory.com
Top Management team in Poland:
Profile of the company:
Złota 59, Warsaw, (Poland) tel. 48 22 587 50 00 sekretariat@vattenfall.pl www.vattenfall.pl
Established in 2007, Tundra Advisory Sp. z o. o. is a response to the growing demand for advisory services to the promising sector of renewable energy in Poland. We are an official adviser to a Spain-based private equity fund, which has over EUR 300m of capital committed solely for investments in the renewable energy sector in Poland. Currently, we are advising on wind farm projects with total installed power capacity of 120 MW.
Tadeusz S. Staszewski, Project Director, Wind Power Central Europe
Contact details:
Parent company/ownership: Vattenfall AB(Vattenfall AB)
Profile of the company: Vattenfall owns an electricity distribution network in southern Poland as well as a heat and power plant in Warsaw.
Strategy for wind development in Poland:
Wind farm Krzyżanów (20 MW) - Kutno area - under construction; Wind Park Gorzkowice (12 MW) under construction
Strategy for wind development in Poland:
Tundra Advisory
Vattenfall
Exiting Poland. Swedish utility Vattenfall has approached potential investors interested in the purchase of its Polish assets valued at some 1.5 billion euros. Vattenfall will most likely try to find one buyer for all of its assets in Poland, without splitting them.
Date company established in Poland:
Date company established in Poland:
Locations of current wind farms:
2007
1997
Zagorze (30 MW)
In addition to advisory, firm also looks to develop its own wind farms.
Developers of Wind Energy in Poland
Am Hof 6a, 1010 Vienna, (Austria) tel. 43 (0) 50313-0 M4 information@verbund.com www.verbund.com
Profile of the company:
veloping “green field” projects and is also interested in any oportunities that might appear in the market relating to the wind energy sector.
Planned projects in Poland: At the moment about 15 projects totalling an installed capacity of around 250MW in early stages of development.
Besides the Austrian market Germany as France, Italy and Turkey count among the core markets. Austria’s electricity consumption amounts to approximately 70,000 million kWh of electricity. Around 40 % of this originate from the VERBUND group power plants. VERBUND places great value on sustainability in electricity generation: thus, 90 % of the generated electricity comes from hydro power. In Austria the company operates 110 hydro power plants as well as three thermal power plants and three wind farms. Further 13 hydro power plants are operated in Bavaria, Germany. New hydro power projects are in different stages of planning and realization in Austria, the CCGT power plant Mellach in Styria (800MW) is under construction and will operate from 2012.
Financial partners:
Strategy for wind development in Poland:
Jaśkowa Dolina 81, Gdańsk, (Poland) tel. 58 661 22 60 biuro@wiatropol.pl www.wiatropol.pl
Unconfirmed information is that Verbund is considering expanding in Poland.
West Coast Energy Polska Sp. z o.o.
HSBC
Advisory partners: Hałabura Góżdż i Partnerzy; CMS Cameron McKenna; Atmos Consulting Ltd
Wiatropol International Sp. z o.o. Date company established in Poland: 1997
Subsidiary firms specializing in wind energy: Wiatropol Puck, Wiatropol Smolęcin, Wiatropol Ustka
Top Management team in Poland: Sławomir Sikorski, president
Contact details:
Greentech Energy Systems A/S(Greentech Energy Systems A/S)
02.2011
Profile of the company:
Top Management team in Poland:
Wiatropol Int. is an energy company developing, constructing and operating wind energy projects. It has been present on the Polish market since 1997 and has a pipline of projects under development of approx. 300 MW. The company is owned by a Danish company Greentech Energy Systems A/S that is listed on NASDAQ OMX Copenhagen A/S and has its activities - besides Poland - in Denmark, Germany, Italy and Norway.
Contact details: Górki 7, Poznań, (Poland) tel. 61 866 77 46 duarte.costa@westcoastenergy.pl www.westcoastenergy.pl
Parent company/ownership: West Coast Energy Polska Ltd. - United Kingdom / Geraint Jewson(West Coast Energy Polska Ltd. - United Kingdom / Geraint Jewson)
Profile of the company: West Coast Energy Limited is a leading independent wind energy developer based in Mold, North Wales. The company was established in 1996 and specialises in the identification, design, planning and development of wind energy projects through to construction and operation. We are presently involved in developing hundreds of megawatts of wind power generation and to date, we have secured planning permission for a range of onshore and offshore wind farms totalling in excess of 600 Megawatts plus an additional 200 within the planning system in the UK.
Miła 6 lok B, Warsaw, (Poland) tel. 22 498 17 70 biuro@windprospect.com www.windprospect.com
Parent company/ownership: Wind Prospect Group, UK / Wind Prospect Ireland Ltd. GE is a shareholder.(Wind Prospect Group, UK / Wind Prospect Ireland Ltd. GE is a shareholder.)
Profile of the company: Wind Prospect is an independent renewable energy consultancy and has played a major role in the development of wind energy onshore and offshore internationally. Wind Prospect has been involved in the wind industry since its inception in Europe, and is a major player in the wind energy sector in the UK, Ireland, Canada, France, China and Australia.
Strategy for wind development in Poland: In Poland, WindProspect provides services to wind developers and banks, including due diligence, wind measurements,etc. The firm also has plans to develop wind farms in Poland.
Locations of current wind farms: none
Financial partners: n/a
Parent company/ownership:
Date company established in Poland:
Duarte Costa, Country Manager
Contact details:
Spring 2011
Contact details:
Strategy for wind development in Poland: The company’s objective is to be an important player on the Polish market as a developer, constructor and operator of mid-sized wind energy projects.
Locations of current wind farms: Projects: Połoczyno, Parnowo, Ustka, Puck, Porzecze-Dobiesław, Smolęcin, Pomorze Offshore
Financial partners:
Wind Energy in Poland
Verbund
Bank BZ WBK, Nordea, Pricewaterhouse Coopers; Kancelaria Żelaznowski & Głowiński; DEWI; ABB, Siemens, Areva; IEN Gdańsk; Enercon, Vestas.
Strategy for wind development in Poland:
Wind Prospect Polska Sp. z o.o.
West Coast Energy Polska Sp. z o.o. is actively developing in Poland since January 2011 backed by its mother company’s extensive knowledge and experience. The company is currently de-
Date company established in Poland: 28.08.2008
Top Management team in Poland: John Brereton
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