PGE Energia Odnawialna has acquired Wind Farm Lada Sp. z o.o., owner of the 35 MW Dzwola wind farm in eastern Poland, from RE Alloys. The transaction lifts PGE’s onshore wind portfolio from 797 MW to 832 MW, reinforcing its role as the country’s largest renewable generator.

The asset is fully built and operating. The project received its occupancy permit in Jul-2024, secured a generation license in Jun-2025, and has been exporting power since then. It comprises 10 turbines of 3.5 MW each, delivered by Nordex Polska, with EPC by Onde SA. Annual output exceeds 100 GWh, enough to supply roughly 30,000 households.

The key insight is structural: PGE is prioritising commissioned, utility-contracted wind over development risk. Power from the Dzwola project is sold under a utility PPA to PGE Group customers, eliminating merchant exposure at a time when Polish power prices and balancing costs remain volatile.

That preference shows up in the financing. The deal is supported by a tightly structured capital stack, including a $64.5 million investment facility, a $9.2 million VAT facility from PKO BP, and an additional $18.9 million private credit loan from Sienna. This is balance-sheet optimisation, not growth at any cost.

Commercially, the acquisition signals that large utilities in Poland are using M&A to secure near-term capacity with visible cash flows, rather than waiting on slower permitting pipelines. For sellers, only assets with permits, grid access, and contracted offtake are truly liquid.

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