SSE Renewables, a developer and operator of renewable energy projects, announced the acquisition of a 400 MW solar project portfolio in Poland from IBC Solar, a solar project developer.

The solar projects acquired are currently in the early stage of development. This follows the company’s earlier acquisition of 500 MW solar projects in Poland from Optisol.

The two solar portfolios bring the company’s prospective pipeline of solar PV projects in Poland to 900 MW.

A small upfront payment will be made to the developers, with further payments dependent upon reaching key milestones in the development process. No significant capex will be committed by SSE Renewables until final investment decisions have been taken.

Richard Cave-Bigley, Director of Solar & Battery, SSE Renewables, said: “We see Poland as one of the fastest growing solar markets in Europe, and these two deals enable us to develop our pipeline with European partners. We see solar technology as a key part of SSE Renewables’ ongoing investment in net zero infrastructure. We look forward to supporting our partners IBC Solar and Optisol with the delivery of these projects and, in turn, assisting Poland with its ambitious decarbonization strategy.”

Patrik Danz, CSO of IBC Solar, said: “The Polish photovoltaic market has a lot of potential and will grow continuously in the coming years. We are looking forward to a successful cooperation with SSE Renewables, which will make another important contribution to the energy transition in Poland.”

According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, in the first nine months (9M) of 2023, there were 166 project acquisitions for 31.6 GW compared to 207 projects for 52.1 GW in 9M 2022.

Through its U.S. subsidiary Eni New Energy US, ENI Plenitude signed an agreement with EDP Renováveis, a renewable energy company, to acquire an 80% equity stake in a portfolio of operational solar projects in the U.S.