China puts $78m into Polish wind
Developer Polish Energy Partners (PEP) has secured a 240m zloty ($78.2m) boost to its wind power ambitions after a fund set up by China Exim Bank agreed to take a stake in the business.
The China CEE Investment Co-operation Fund (China CEE Fund) will buy about 7.26 million newly-issued shares in PEP, giving it stakes in various operating companies of the group.
PEP said the Chinese investment will mainly be used to push forward with 380MW of onshore wind farms it plans to put into operation by the end of 2016.
Of that total, PEP said 67MW is already under construction with work on another 37MW starting this month.
PEP hopes to develop a further 500MW of onshore wind between 2017 and 2022.
The group has significant ambitions in the Polish offshore wind sector, where it plans to secure consents to start developing 1.2GW of projects.
PEP is also building a gas pipeline between Poland and Germany.
China CEE Fund was set up in 2013 to strengthen China’s financial ties with Central and Eastern Europe.