Vitol To Acquire Vortex And Deploy $1B To The Development Of Renewables In Poland
Vitol today announces it has agreed to acquire 100% of the share capital of Vortex Energy from VH Invest for an undisclosed sum. Vortex Energy is a leading renewable energy company in Poland. 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. Vitol will initiate construction of over 120 MW of PV solar and onshore wind projects in the next 12 months and plans to deploy $1 bn of capital over the next 5 years into renewables in Poland.
This is Vitol’s first major investment in renewable power in Europe and is aligned with its strategy of investing in the energy transition and growing its sustainable business activities. With this investment, Vitol will have committed over $2.2 bn of capital to sustainable energy initiatives worldwide. In addition to a sizeable presence in renewable generation, Vitol is investing in initiatives to decarbonise other uses of energy, such as renewable gas for transport, the electrification of fleet vehicles, hydrogen and RNG for pipeline gas, as well as carbon capture and storage for heavy industry.
Justine Ryan, director of renewables, EMEA, Vitol said: “Renewable power is central to Europe’s decarbonisation strategy. Vortex has the potential to make a significant contribution to reducing emissions and providing energy security through sustainable and affordable electricity in Poland and Central Europe. It is a strong and exciting business for Vitol and we will to look to expand it further with other renewable generation opportunities across the region.”
Till Jeske, VH Invest said: “This transaction completes VH Invest’s strategy change which started in 2018. For Vortex Energy, it opens new opportunities for further growth and prosperity.’’
Vitol has supplied Poland with crude oil and petroleum products for almost 30 years. More recently it established two offices in Poland and expanded into the supply of LPG, gas and power.
The transaction is expected to close in Q1 2023 and is subject to certain conditions precedent.