Lithuanian state-owned utility acquires Polish wind project IGE
Lithuanian state-owned utility Lietuvos Energija has bought a Polish wind project from the Nobel Sustainability Fund (NSF).
NSF, a fund managed by Earth Capital, sold Inval Green Energy (IGE) to Lietuvos Energija’s renewables arm for an undisclosed sum.
IGE is a 94MW Pomerania wind farm project based in Poland with capital expenditure in the region of €127m. It is expected to be operational in early 2021.
Earth Capital said IGE represents 17% of NSF’s European portfolio.
Gordon Power, co-founder and CIO of Earth Capital said the investment strategy for NSF is to allocate to a mixture of development infrastructure assets and growth clean technology businesses.
“We’re delighted that within 18 months of the launch of NSF, our European team has realised in cash and deferred proceeds the sale of the IGE polish wind asset, representing 17% of the total committed capital, providing validation for the investment strategy.”
IGE, is managed by sub-manager Barcelona-based SI Capital, part of the Earth Capital Holdings.
Sebastian Waldburg of SI Capital said: “The closing of this complex transaction across four countries is an important milestone for SI Capital as it proves that investing in the environment can bring the desired returns to investors and this encourages us to continue to invest in this field with further funds as they are raised”.