Enterprise Investors – a Warsaw based private equity firm that manages Polish Enterprise Fund VI (PEF VI), announced the launch of Wento – an investment vehicle created to manage wind firms in Poland and help the country meet EU targets for renewable energy production. Wento can draw up to EUR 40 million from PEF VI for equity financing while approaching banks for debt financing.
Wento is currently in advanced negotiations and conducting due-diligence with three wind farm projects with a combined capacity of 200 MW. About a dozen projects in total are currently under review. Wento will provide initial equity funding to the approved projects and will subsequently sell the stakes to strategic or financial investors looking for stable and long-term profits.
The EU has set a target of 20 pc renewable energy of the total energy basket by 2020. Apart from the Polish market, where the firm believes it can work with developers to build capacities worth a few hundred megawatts, Wento may enter other CEE markets in future with the Romanian market looking particularly lucrative.
Enterprise Investors (www.ei.com.pl)
Founded in 1990, EI’s investment activities started with the setting up of the $240 million Polish-American Enterprise Fund, supported by the US government to promote the Polish private sector. The Polish Enterprise Fund VI was closed in 2006 with a capital of EUR 658 million, 65 pc of which were contributed by European LPS while the US LPs chipped in the remaining 35 pc.