Polish Enterprise Fund VI, a private equity fund managed by Enterprise Investors, has sold Wento, a leading Polish renewable energy company specializing in photovoltaic projects. The buyer, Equinor, is a broad energy company with activities in oil, gas, offshore wind and solar energy in more than 30 countries worldwide.
- The value of the transaction is EUR 100 million;
- Total gross proceeds generated by the investment amounted to EUR 139 million.
Building on experience gained during its investment in Polish Energy Partners (PEP), now Polenergia, in 2012 Enterprise Investors made another investment in the renewable energy sector when it founded Wento. EI invited a group of experienced managers to run the project, including Wojciech Cetnarski, PEP’s founder and former CEO. Initially Wento focused on wind energy projects but in 2016 pivoted toward the solar energy market. In total, Wento has developed 177 MW of photovoltaic projects to the stage of securing contracts for difference in the auction framework mandated by the Polish government. With a secured pipeline in excess of 1000 MW of further solar projects, the company is well equipped to meet Poland’s growing demand for renewable energy.
“Our investment in Wento has followed the changing fortunes of Poland’s renewable energy market. The management team led by Wojciech Cetnarski has shown it can adapt and persevere in its goal of building a company that contributes meaningfully to the green transformation of Poland’s energy sector while making good returns for its investors,” said Michał Rusiecki, a managing partner at Enterprise Investors who is responsible for this transaction. “We are convinced that under the new ownership Wento will gain the resources needed to become an even more important contributor to the renewable energy market in Poland,” he added.