Enterprise Investors sold Wento to Equinor for EUR 100 million

Polish Enterprise Fund VI - a private equity fund managed by Enterprise Investors - sold the company Wento, specializing in photovoltaic projects, to the Norwegian company Equinor (former Statoil). The transaction value (enterprise value) was EUR 100 million, the fund said. The investment in Wento generated a total gross proceeds of EUR 139 million.

"Our investment in Wento has evolved along with the changing fate of the Polish renewable energy market. The team managed by Wojciech Cetnarski has shown that it can adapt to the prevailing conditions, while pursuing the goal of building a company that would significantly contribute to the green transformation of the Polish energy sector brought attractive returns for investors. We are convinced that with the new owner Wento will gain the funds needed to take an even more important place on the RES market in Poland," - said the managing partner at Enterprise Investors responsible for the investment, Michał Rusiecki.

Initially, Wento focused on developing and selling wind farm projects, but in 2016 the company decided to enter the solar energy segment. To date, Wento has won auctions in the support system for solar projects with a total capacity of 177 MW, and further solar projects with a capacity exceeding 1,000 MW are under preparation. This makes the company well prepared for the growing domestic demand for renewable energy.

Source: ISBnews