Energy and trading company, Vitol, has said it will acquire Polish renewable energy investment firm Vortex Energy and deploy $1bn in capital over the next five years.
Vitol said it will acquire 100% of the share capital of Vortex Energy for an undisclosed sum.
The transaction - expected to close in Q1 2023 - marks Vitol’s first major investment in renewable power in Europe. The company has supplied Poland with crude oil and petroleum products for almost 30 years.
Vortex Energy has previously delivered over 400MW of operational renewable energy generation capacity, in wind and solar, and has a development pipeline of over 3GW.
After it acquires Vortex Energy’s share capital, from holding company LH Energy, Vitol plans to construct over 12MW of solar PV and onshore wind projects in the next 12 months. It will then invest $1 billion in capital into Polish renewables over the next five years.
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