The energy and commodities company, Vitol, will buy the Polish renewable energy producer Vortex Energy, they will invest $1 billion in the growth of renewable energy in the nation.
For an undisclosed fee, Vitol has agreed to buy VH Invest’s entire shareholding in Vortex Energy. The deal is anticipated to completion in the first quarter of 2023.
Following the agreement, Vitol will start building more than 120MW of PV solar and onshore wind projects within the next 12 months and has ambitions to invest $1 billion in Poland’s renewable energy sector over the following five years.
With a development pipeline of more than 3GW, Vortex Energy has delivered more than 400MW of operational wind and solar power.
The purchase of Vortex Energy fits with Vitol’s aim of investing in the energy transition and expanding its sustainable business operations. It is the company’s first significant investment in renewable energy in Europe.
With this contribution, Vitol will have given more than $2.2 billion to sustainable energy projects around the world.
In addition to having a sizable presence in renewable generation, Vitol is funding initiatives to decarbonize other energy uses, including transportation with renewable gas, fleet vehicle electrification, pipeline gas with hydrogen and RNG, and heavy industry with carbon capture and storage.
Director of renewables, EMEA, at Vitol, Justine Ryan, said “Renewable power is central to Europe’s decarbonisation strategy.
“Vortex has the potential to make a significant contribution to reducing emissions and providing energy security through sustainable and affordable electricity in Poland and Central Europe.
“It is a strong and exciting business for Vitol and we will to look to expand it further with other renewable generation opportunities across the region.”
VH Invest’s CEO, Till Jeske, said “This transaction completes VH Invest’s strategy change which started in 2018.
“For Vortex Energy, it opens new opportunities for further growth and prosperity.’’
For almost 30 years, Vitol has provided Poland with crude oil and petroleum byproducts. More recently, it opened two offices in Poland and increased its LPG, gas, and power supply.
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