Equinor has completed an agreement to buy 100% of the shares in Polish onshore renewables developer Wento from the private equity firm Enterprise Investors for EUR 91 million in enterprise value, before customary net cash adjustments. Equinor announced it on May 5. (Photo quoted from Equinor’s website)
The acquisition supports Equinor’s effort to be a leading company in the energy transition and provides a strong platform for growth in the Polish energy market.
Wento’s business plan includes a total net pipeline of around 1.6 gigawatts (GW) of solar projects in different stages of development.
Wento will be a subsidiary of Equinor with its team continuing to build its business for the future. The transaction agreements have been signed today, 5 May, and the transaction completed on the same day.
Equinor is building material offshore wind clusters in the North Sea, the US east coast and the Baltic Sea. In Poland, Equinor is involved in three offshore wind projects: MFW Bałtyk I, MFW Bałtyk II and MFW Bałtyk III. Equinor and its Polish partner Polenergia each hold a 50% interest in the three projects.