Pacifico Energy Partners announces its second project sale in the fourth quarter of 2021
29 / 05 / 23
Munich, December 7, 2021 – Pacifico Energy Partners GmbH (“Pacifico”), an international project developer and asset manager for onshore wind and photovoltaics plants, has successfully closed the sale of three onshore wind farms in Poland with a combined capacity of 51.8 MW via one of its group companies, the second asset disposal in the fourth quarter of 2021.
After the disposal of the 14.1 MW Hernen photovoltaics plant in October, Pacifico has closed the sale of Dębowa Łąka, Świecie and 12W projects two weeks ago.
Despite the disposal, Pacifico remains committed to Poland and maintains a significant footprint in the market as a developer of new wind and PV plants. The company will use the sales proceeds to finance the realisation of its fast-growing 1,000 MW development pipeline, among others, in Poland, Italy, Germany and the Netherlands. Pacifico has been mandated as long-term asset manager for the assets and hence is delighted to continue ensuring smooth operation for many years to come.
The projects were acquired in 2018 and after re-permitting them to allow for use of larger wind turbines and optimization of the grid connection concept, all three projects secured a contract-for-difference in the Polish mixed technology renewable energy auction in December 2019. The revenue structure was further optimized by conclusion of a power purchase agreement and well-balanced exposure to merchant electricity prices.
After approximately 18 months of construction, the projects had secured the electricity generation license earlier this year and Pacifico has decided to use the favourable market conditions to close the sale via the right of first offer agreement with Pacifico Renewables Yield AG.
“The latest sales successes in the Netherlands and Poland demonstrate Pacifico’s expertise in developing high-quality renewable energy projects. With the sale of these assets, we can invest more capital into new early-stage development projects. This allows us to maximize our contribution to the energy transition with our available capital.”