China-CEE Fund and Israel-listed Enlight Renewable Energy are investing up to 1.3bn zlotys ($406m) to buy two Polish wind projects totalling 250MW.
The joint venture will acquire the 36MW Wroblew wind farm - due to be completed in November this year, and valued at around 200m zlotys - from Geo Renewables.
The deal includes the Project 2 development, forecast to reach 214MW. with the first stage to be finalised at the end of 2015.
"The investment in this project [Project 2] is still subject to the completion of its last development milestones and the due diligence process by CEE Equity Partners and Enlight team," says CEE Equity Partners, which manages the China-CEE Fund.
China-CEE will hold 49.9% and Enlight 50.1% in the joint venture, while Geo will retain minority ownership of the two farms.
Earlier this year, CEE Equity Partners said it had $500m to spend in the region over the next two to three years.
China CEE Fund was set up in 2013 to strengthen China's financial ties with Central and Eastern Europe.