Greentech Sells Its Stake in Polish Wind Project to PGE Unit

Greentech Energy Systems A/S, a Danish renewable-energy developer, sold its 50 percent share in a Polish wind project to a unit of PGE SA (PGE) for 3.67 million euros ($4.91 million).

Greentech, based in Copenhagen, will continue investing in Poland where it has 260 megawatts of power plants under development, Chairman Peter Hostgaard-Jensen said in an e-mailed statement today.

It decided to sell because its 50 percent stake in the 28- megawatt Wojciechowo venture under development “would not have given us the opportunity to consolidate and to run the project,” he said.

PGE Energia Odnawialna now owns all of the 14-turbine plant. The deal price includes 3.05 million euros for the project’s shares and about 615,000 euros to repay a shareholder loan, according to the statement.

To contact the reporter on this story: Sally Bakewell in London at sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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