Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

PEP Soars as Chinese Fund to Buy Stake in Wind Park Group

July 21 (Bloomberg) -- Polish Energy Partners SA, the wind park operator controlled by billionaire Jan Kulczyk, jumped the most on record after a Chinese private-equity fund agreed to buy a 240 million-zloty ($78 million) stake.

The shares rose as much as 25 percent to 30.88 zloty and closed 23 percent higher to 30.40 zloty in Warsaw, valuing PEP as the company is known at 648 million zloty. The benchmark WIG30 Index fell less than 0.1 percent.

Export-Import Bank of China’s CEE Equity Partners will buy 7.27 million new shares at 33.03 zloty each, helping finance construction of 380 megawatts of wind farms by 2016, the Warsaw-based company said in an e-mailed statement late on July 18. PEP will also issue 16.9 million shares at the same price to take over Kulczyk’s Polenergia Holding SA and plans to sell a further 12.7 million shares to the public by early 2015.

The company, which Kulczyk bought in 2012, is raising money to fund construction of wind farms as Poland is preparing new rules to reduce government subsidies for renewable energy.

Polenergia trades and distributes electricity and operates a 116-megawatt heat and power plant in Nowa Sarzyna. The company also owns off-shore wind farm projects, a plan for a coal-fired plant and a gas link between Poland and Germany.

In 2017-2022, PEP plans to build additional 500 megawatts of on-shore wind farms and 600 megawatts of off-shore farms on the Baltic Sea, for which it wants to find a partner. By 2018 it plans to complete a gas pipeline between Poland and Germany to ship 5 billion cubic meters of the fuel a year, according to a presentation on its website.

The company may also sell its 1,800-megawatt, coal-fired power plant project Elektrownia Polnoc in 2016.

To contact the reporter on this story: Maciej Martewicz in Warsaw at mmartewicz@bloomberg.net

To contact the editors responsible for this story: James M. Gomez at jagomez@bloomberg.net Pawel Kozlowski, Elizabeth Konstantinova

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.