A joint venture (JV) between China-CEE fund and Israeli-based Enlight Renewable Energy plans to invest up to $406m to acquire control of two wind energy projects in Poland, which together will have 250.5MW of installed capacity.

The projects to be acquired by the joint venture include Wroblew and Project 2, which were developed by GEO Renewables.

Wroblew, which is estimated to be worth around PLN200m ($62m), will be completed by November and will have an installed capacity of approximately 36MW.

Project 2 is expected to have a capacity of around 214MW; its first phase will be finalised by the end of next year.

The deal for this project is currently undergoing due diligence, reports Reuters.

Following the sale, Geo will hold minority stakes in these two wind farms.

China-CEE holds a 49.9% stake in the JV while Enlight holds the remaining equity.

The China-CEE Fund, which is managed by CEE Equity Partners, had earlier revealed that it was willing to invest $500m over the next three years in the Eastern and Central European regions.

The Export-Import Bank of China set up CEE Equity Partners in partnership with state-supported financial organisations from eastern and central Europe in order to tap investment opportunities.

As Poland produces around 90% of its power from coal, it plans to shift to renewable energy.

It aims to generate 15% of the total power requirements from renewable energy by 2020 in order to cut down carbon emissions as per the EU rules.

Image: Poland produces about 90% of its power from coal and plans to shift to renewable energy. Photo: courtesy of dan/Freedigitalphotos.net.