BackThe Marguerite Fund and RP Global Group announce the completion of their 54 MW Kukinia wind farm in Poland
Luxembourg, November 13 2013 – The Marguerite Fund and RP Global Group are pleased to announce that on October 4th their Kukinia (54MW) wind farm in Poland became fully operational, less than a year after financial closing.
On the 25th of October 2012 the Marguerite Fund had acquired a 49.99% stake in the Tychowo (50MW) and Kukinia (54MW) wind farms in the North-West of Poland, from Austria-based developer RP Global Group, which remains a 50.01% shareholder and operates the farms. The Tychowo wind farm has been fully operational since May 2010. The senior debt financing is provided by the EBRD and PKO Bank Polski, one of the largest banks in Poland as well as one of the Marguerite Fund’s investors.
The Kukinia onshore wind farm is located in the municipalities of Ustronie Morskie and Dygowo and includes 23 Enercon E-82 2.3 MW turbines. This represents the largest wind farm Enercon has erected in Poland to date. The construction of the wind farm was delivered within budget and ahead of its planned completion date of December 2013. The wind farm received its generation license on the 4th of October 2013 and is now fully operational.
The transaction had marked the first investment in the Polish Market for the Marguerite Fund, an equity fund set up in 2010 to invest in greenfield and expansion projects in the energy, renewables and transport sectors within the EU-28 countries; it is RP Global’s 4th project constructed and in operation in Poland.
William Pierson, a Managing Director in Marguerite Adviser, said: “The completion of the construction of the Kukinia wind farm ahead of schedule and on budget is a great accomplishment by the company and the RP Global team, especially in this changing renewables environment in Poland.”
Gerhard Matzinger, CEO of RP Global, said: “It took more than 8 years to put this project into operation, in a joint effort with our Polish development partner Windpol Servis, our equity partner Marguerite Fund and last but not least the EBRD and PKO Polski, all leading players in renewable investments. In light of the ongoing discussions about regulatory changes, with approximately 780 million PLN invested and as a long term equity investor ourselves, we now trust in Poland’s tradition of following past commitments – an aspect of critical importance for any investor.”