Budimex has concluded an agreement with Figene Capital to acquire 100% of shares in the Magnolia Energy special purpose vehicle, implementing a project to build a wind farm with a capacity of up to 7MW, the company said. The transaction value is PLN 22 million.
The project provides for the construction of a wind farm consisting of 2 wind turbines with a total capacity of up to 7 MW in Drachowo in the Greater Poland Voivodeship. The wind conditions in this region allow to estimate the annual production of the farm in the amount exceeding 25 GWh. The project has a complete set of administrative permits allowing for the commencement of works. construction and connection of the project to the grid In 2021, SPV concluded a contract for the supply of turbines, which are to be delivered by the end of 2022. SPV also has a long-term contract for the sale of electricity from the project, according to the company.
The purchase price for the shares of SPV was set at PLN 22 million and will be paid in accordance with the schedule and the principles set out in the purchase agreement. The final settlement of the price will depend on the actual levels of electricity produced and sold by the SPV and the settlement of the net debt of the SPV.
Budimex paid the appropriate part of the price for the shares in accordance with the concluded agreement and took control of the SPV. Thus, Budimex began operating in the segment of generating electricity from renewable energy sources in high-power projects.
Source: Budimex and ISBNews
