Swiss-Dutch energy and commodity trading company Vitol has agreed to purchase a 100% stake in Polish renewable investment firm Vortex Energy from VH Invest.
Based in Szczecin, Vortex Energy has delivered more than 400MW of wind and solar operational renewable capacity to date.
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The company also has more than 3GW of capacity in its development pipeline.
The financial details of the deal have not been disclosed.
Vitol Europe, Middle East and Africa (EMEA) renewables director Justine Ryan said: “Renewable power is central to Europe’s decarbonisation strategy.
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“Vortex has the potential to make a significant contribution to reducing emissions and providing energy security through sustainable and affordable electricity in Poland and Central Europe.
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By GlobalData“It is a strong and exciting business for Vitol and we will look to expand it further with other renewable generation opportunities across the region.”
The deal is expected to close in the first quarter of next year subject to certain conditions being met.
VH Invest official Till Jeske said: “This transaction completes VH Invest’s strategy change, which started in 2018.
“For Vortex Energy, it opens new opportunities for further growth and prosperity.’’
Vitol plans to begin developing solar photovoltaic and onshore wind projects with more than 120MW of capacity in the next 12 months.
The firm also intends to make a capital investment of $1bn in Poland’s renewable segment over the next five years.
The capital infusion is in line with Vitol’s strategy of investing in the energy transition and increasing its sustainable business activities.
Following this investment, the company has committed more than $2.2bn of capital to sustainable energy initiatives worldwide.
Vitol has supplied Poland with crude oil and petroleum for almost 30 years. More recently, the company has opened two offices in the country and expanded into the supply of liquid petroleum gas (LPG) and power.
