Gülermak Renewables has acquired the 69MW ready-to-build Powidz 2 solar project in Poland, expanding its European renewables portfolio beyond 400MW as the company builds out its presence in one of its core markets.
The grid-ready development is located in the Greater Poland, or Wielkopolska, region and was acquired for an undisclosed sum.
Powidz 2 sits immediately next to Gülermak Renewables’ existing 5MW Powidz 1 solar scheme.
Powidz 2 solar project targets 2029 first power
The engineering, procurement and construction tender for the Powidz 2 solar project is expected to open shortly.
Construction is currently scheduled to begin in the fourth quarter of 2027, with first power targeted for 2029.
The acquisition adds 69MW of ready-to-build photovoltaic capacity to Gülermak’s European development portfolio.
The company has not disclosed the purchase price for the project.
Acquisition follows financing for Polish solar portfolio
The deal follows Gülermak Renewables’ recent financial close for Project Vistula, a 62.7MW portfolio of solar projects in Poland that includes the neighbouring Powidz 1 scheme.
Earlier in September, the company secured PLN152.9 million, approximately £30.4 million, to finance the construction and operation of the portfolio.
According to Dentons, the financing covers five photovoltaic assets: Brodnica I and II, Glinnik I and II, and Powidz.
Powidz 1 is expected to be the first of those assets to enter commercial operation.
Poland remains a core market for Gülermak Renewables
Türkekul Dogan, Chief Executive Officer of Gülermak Renewables, said:
“This deal underlines the attractiveness of the Polish market and our appetite to own and operate high-quality energy assets across Europe.
“Poland is a core market alongside the UK and Germany, where we see significant opportunities to build and scale a diversified renewable energy portfolio, and we also aim to expand our footprint into Romania and Italy.
“Our ambition is to establish a strong presence in each of these key European markets and build a leading platform that supports the continent’s energy transition.”
Türkekul Dogan, Chief Executive Officer of Gülermak Renewables. Image: Gülermak Renewables
The company has previously said it is targeting a larger portfolio in Poland spanning solar, battery storage and wind projects.
The Powidz 2 acquisition takes its wider European portfolio beyond 400MW at the time of the transaction.
Renewable energy investment continues in Poland
Poland continues to attract investment across solar, wind and energy storage as developers expand low-carbon generation capacity and secure projects at different stages of development.
Climate Global News has also reported on major renewable energy financing in Poland’s offshore wind sector, including the €2 billion financing of the BC-Wind project.
Gülermak Renewables was advised on the Powidz 2 transaction by Clifford Chance on legal matters and Forte Renewables on technical matters.
More information on the company’s renewable energy activities is available through Gülermak Renewables.
Source: Gülermak Renewables
