DLA Piper advises EDPR on the sale of 300 MW renewable assets' portfolio in Poland to Orlen
DLA Piper has advised the EDP Renewables Polska (EDPR) on the sale of 100% equity stake in a 142 MW Polish wind portfolio to Orlen Wind 3 sp. z o.o., a company owned by Orlen S.A., for an enterprise value of approximately PLN2.20 billion (around EUR0.49 billion).
The transaction comprises of three wind farms, which were commissioned in 2021-22, and additionally up to 159 MW of hybrid solar projects under development located in Poland’s Wielkopolska voivodship. The transaction is subject to regulatory and other customary conditions precedent.
EDPR is a Polish subsidiary of EDP Renováveis, S.A., a global leader in the renewable energy sector and the world’s fourth-largest wind energy producer. EDPR is part of the EDP Group and has built a prevalent position on the world energy scene over the course of 40 years, which is supported by its presence in 22 countries, on four continents. This transaction is part of the EUR7 billion asset rotation program for 2023-2026 announced by EDP in March 2023. EDPR was represented by Santander and DLA Piper, and Orlen was supported by PWC and Radzikowski Szubielska i Wspólnicy.
The new assets are another investment of the Orlen group in renewables in the Wielkopolska voivodship. After the finalisation of this transaction, Orlen will have approximately 900 MW of installed capacity in renewables.
The DLA Piper Poland team was led by Jacek Giziński, co-managing partner, and Klaudia Lorent, senior associate, who were responsible for overall project management and transaction advice. Due diligence, regulatory, permitting and ongoing assistance was coordinated by Oskar Waluśkiewicz, partner, and Dawid Krakowiak, senior associate, together with the support of a broader team including: Beata Mrozowska-Bartkiewicz, Szymon Sakowski, Wojciech Sulimierski, Marta Bosiak, Sylwia Chrostowska, Piotr Gałązka, Michał Bobryk, Monika Dmochowska, Zofia Waszczykowska, Marcelina Dembińska Weronika Kulpa and Marek Jaźwiński.