Swiss fund manager SUSI Partners has set up a new renewables platform that will build a portfolio of solar PV and wind assets in Poland.
Dubbed Luneos Green Energy (LGE) and formed late last year, the platform aims to develop a diversified portfolio of clean energy projects to support the transition of Poland’s power market away from its reliance on coal-based generation while benefiting from the comparatively low costs of renewables, SUSI said.
The unit has been set up in collaboration with Luneos, a Polish energy-as-a-service company that has worked with SUSI Partners since 2018, with the fund manager’s credit platform financing various clean energy solutions implemented by the Warsaw-based firm.
SUSI Partners will work closely with Luneos’ management – which previously led Polish renewables developer Polenergia – in executing LGE’s business plan and its day-to-day operations.
SUSI said that while coal-fuelled power generation was responsible for almost 80% of Poland’s total electricity generation in 2021, the country is now an attractive market for investment in renewables as the energy transition progresses and energy demand increases on the back of economic growth.
After adding around 2.5GW of solar in 2020, Poland deployed 3.2GW last year, according to recent research published by trade association SolarPower Europe, which said the country’s micro-generation solar segment is complemented by annual renewables auctions.
The most recent auction took place last month and closed with solar bidders securing 870MW of capacity.
SUSI Partners’ expansion in Poland follows the firm entering Latin America with the purchase of a 200MW portfolio of distributed solar PV and wind assets in Chile as well as its acquisition of a 50% stake of Australian residential solar-storage provider Starling Energy Group last year.