Poland's Enea, PKO TFI to invest jointly in renewable energy

Polish state-run utility Enea (WSE:ENA) and investor PKO TFI, part of the biggest local lender, PKO Bank Polski, have signed a letter of intent to set up a joint fund dedicated to investments in renewable energy projects, the companies said on Monday.

Their future closed-end investment fund, to be called PKO Energia Odnawialna, will buy shares in companies that develop renewable energy facilities and make profits from the production and sale of electricity or heat. The facility will also invest funds from payments for certificates made by investors.

Enea actively participates in the energy transformation process in Poland, CEO Pawel Majewski noted. The company expects its involvement in the fund to expand its portfolio of renewable energy assets in a relatively short time.

The fund planned by the companies is in line with the current market trends and challenges for the energy sector, said Grzegorz Muszynski, CEO of PKO TFI. It will not only bring profits to investors but will also accelerate the country's energy transition.

Enea, one of the biggest electricity producers and distributors in Poland, currently has 6.3 GW of total installed power generation capacity, of which 443 MW comes from renewable energy sources.

PKO TFI was set up in 1997 by PKO Bank Polski and Credit Suisse. It is the biggest retail fund manager in Poland with over 1.7 million clients and more than PLN 30 billion (USD 6.7bln/EUR 6.3bln) of assets under management.

(PLN 10 = USD 2,23/EUR 2.09)

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