21 November 2022
We are pleased to announce that we have advised the German company VH Invest AG (“VH Invest”) on the sale of 100% of the shares in one of the leading and most experienced renewable energy market players in Poland, Vortex Energy S.A. („Vortex Energy”), to the Dutch Vitol Group, known primarily for its trading activities in oil, fuels and other petroleum products.
VH Invest is a family-owned German capital group with its roots in the wind energy sector. Having initially started as a wind farm developer, VH Invest soon expanded into the construction and PV sectors. Today, VH Invest is also a green investment company.
Vortex Energy is one of the pioneers of the renewable energy sector in Poland and has over 18 years of experience in the development and realisation of PV and wind projects in Poland and Germany. Vortex Energy is a very strongly vertically integrated player in the RES sector in Poland and provides a wide range of services, from planning and development through construction and technical management, to the sale and purchase of projects in the RES market. To date, it has delivered over 400 MW of operational renewable generation capacity in wind and solar and has a development pipeline of over 3 GW.
The Vitol Group is a Dutch energy and commodities company, involved in trading in and distribution of, among other things, oil, coal and natural gas around the world. The investment in Vortex Energy is the first significant investment of the Vitol Group in the renewable energy sector in Europe, which is aligned with its strategy of investing in the energy transition and growing its sustainable business activities.
“Investments in renewable energy sources (RES) and their rapid development are necessary and not only with respect to green transition. Such investments are also able to secure energy interests in the long-term and guarantee Poland’s energy security. We are delighted to have had the opportunity to support our client in this transaction, which gives Vortex Energy the chance to enter the next level of development with an excellent partner by its side. Congratulations on such an impressive start to Vitol’s first investment in renewable energy in Europe” – comments Jacek Zawadzki, a partner in the corporate department of Rymarz Zdort.
The transaction team consisted of Jacek Zawadzki (partner), Aleksander Jakubisiak (associate), and Rafal Wloczka (associate). Banking and finance support was provided by dr Jakub Rachwol (partner) and Filip Książczak (associate). Marek Kanczew (counsel) and Michal Chyła (senior associate) were responsible for tax issues in the transaction.
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