Wednesday, September 3, 2014

China-CEE Fund And Israeli Enlight to invest €49 million in Polish Wind Farms

The China-CEE Fund and Israel-listed Enlight Renewable Energy said they would invest up to €49 million to buy control of two Polish wind projects totaling 250.5 MW installed capacity. A joint venture of China-CEE and Enlight is to buy two wind farms, Wroblew and Project 2, developed by GEO Renewable, they said on Monday. Wroblew is to be completed in November this year with a capacity of around 36 MW. Project 2 is forecast to reach a capacity of around 214 MW, with the first stage to be finalized at the end of 2015. The deal for this wind farm is still under due diligence. GEO will retain minority ownership in the two farms.

China-CEE will hold 49.9% and Enlight 50.1% in the joint venture, which will allow the Israeli-based firm to consolidate earnings and revenue from the venture into its results reports.

CEE-Equity Partners Ltd is the investment advisor for the China-CEE Fund with committed funds of $500 million. The Fund was established by China Exim Bank in partnership with other institutional investors from the CEE region to capitalize on investment opportunities in CEE countries. The objective of the Fund is to identify and partner with dynamic businesses and together contribute to the vibrant growth of the CEE economies whilst providing good returns to the investors. In July, CEE Equity Partners agreed to buy a 16% stake in Poland's largest private utility PEP.

Enlight Renewable Energy (TASE: ENLT) specializes in initiating, developing, constructing and operating clean electricity production projects from renewable energy sources.

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