Sun Investment Group sets sights on 250MW in Poland by 2020

A consortium of investors have purchased the project rights for 42MW of capacity awarded in the country’s contracts for difference (CfDs) scheme.

Sun Investment Group, E-Energija Group and I+D Energias will invest around €40 million (US$46 million) to build the projects.

The CfD auction set guaranteed strike prices of between 5.2 and 10.7 US cents per kWh.

“An investor who wins the auction knows the price that will be paid for the energy produced by his plant, and this price will remain stable for 15 years,” said Deividas Varabauskas, CEO, Sun Investment Group.

Sun Investment is now looking to grow its portfolio in Poland to 250MW by 2020.

“Poland is still a niche market, but we see it as an opportunity to grow our business from medium-sized to a big player,” said Andrius Terskovas, managing partner, Sun Investment Group. “We see our future in Poland as a long-term investor. It requires a lot of work to create an attractive portfolio because the market is still quite segmented, but for us, the risk is spread out as we will be taking on the development of many smaller projects.”

The company also stressed that it considers Poland’s slow progress in meeting its EU mandated renewable energy targets as a key consideration.

Tags: poland, eu, investment, finance, cfd