Renewable Power Capital (RPC) has announced its entry into the onshore wind market in Poland, partnering with Tundra Advisory (Tundra) to develop a pipeline of up to 1 GW of onshore wind projects across the country. The partners have already identified over 500 MW of potential sites.
The deal is subject to regulatory approval in Poland.
Tundra brings deep capabilities to the partnership, having developed renewables in Poland for over 15 years. The Tundra principals have undertaken some of the largest renewable projects in the country. Tundra is owned by Taiga Mistral, a leading sustainability focused investment management firm, headquartered in Madrid. Renewable Power Capital will provide a highly flexible source of long-term funding to maximise value and scale.
Poland has the potential to be one of Europe’s fastest-growing onshore wind markets. The Polish Government currently expects around 25 GW of renewable electricity generation capacity by 2030, a doubling from 2020 levels. In addition, Poland’s energy strategy to 2040 is expected to be updated with ambitious renewable targets. Currently over two-thirds of Poland’s electricity comes from coal, distinguishing its market from other gas-heavy European grids and giving strong decarbonisation potential.
The deal is RPC’s first in the CEE Region, and adds to RPC’s wind portfolio based in Finland and Sweden, as well as a 3 GW solar pipeline in Spain, and a 1 GW battery storage venture in Great Britain.
Mariano Berges, Chief Commercial and Technical Officer at RPC, commented: “The European energy market is undergoing significant changes and renewables will play an increasingly important role. Renewable Power Capital aims to be part of the solution. Poland has the potential to be one of Europe’s largest onshore wind markets, and we are pleased to be working with the very experienced team at Tundra to unlock this.”
“We are pleased to enter into a strong strategic partnership with an international and reputable investor such as RPC. The joint venture will maximise the capabilities of both parties, enabling us to achieve our ambition to become a leading developer of wind energy in Poland”, says Jaime Blas, CEO of Tundra and Taiga.
Tundra was supported and advised by Perez Llorca (Spain) and DZP (Poland) in the transaction. RPC was advised by Herbert Smith Freehills (Spain) and Dentons (Poland).