Investments in renewable energies Identifying bankable wind projects in Poland – acquisition of existing projects, greenfield development, repowering and joint ventures

Acquiring an existing project: Faster progress, but comprehensive due diligence

Acquiring shares in a special-purpose vehicle (SPV) or a package of project rights can shorten the path to construction, provided that the buyer conducts comprehensive due diligence. This should include verification of legal title to the land, the duration and assignability of lease agreements, encumbrances recorded in the land and mortgage registers, the status of the environmental decision, compliance with the local zoning plan, the building permit, and the parameters and validity of grid connection conditions.

Local zoning plans are particularly important in the wind energy sector. The Act on Investments in Wind Power Plants regulates the siting, construction and reconstruction of wind turbines, public consultation and arrangements for local communities to participate in the benefits of such investments. The zoning plan should specify, among other things, the maximum overall turbine height, rotor diameter and number of turbines. From a lender’s perspective, the mere existence of a zoning plan is not sufficient: the buyer must confirm that the selected technology complies with its requirements.

The availability of a grid connection can also be decisive for project delivery. Grid connection conditions are generally valid for one year from the date of delivery. During their validity period, together with the draft grid connection agreement, they constitute a conditional commitment by the grid operator to conclude that agreement in accordance with the applicable regulations. Due diligence should verify the validity period of the connection conditions, the status of the grid connection agreement, any required security deposits and advance payments, the connection schedule, and the allocation of responsibility for connection infrastructure. The financial model should also account for the risks of delays, generation curtailment and the need to modify the project’s technical parameters.

Greenfield development: Greater control, greater development risk

A greenfield project gives investors full control over the location, technology, land structure and electricity sales strategy. However, it also requires financing a multi-year development process before the asset reaches a stage acceptable to lenders. Key steps include securing land rights, assessing the site’s wind resource, completing planning, environmental and construction procedures, obtaining grid connection arrangements, and securing construction and implementation contracts.

Environmental risks should be assessed at an early stage of project development. Wind energy installations with a total nominal capacity of at least 100 MW are classified as projects that may always have significant environmental impacts. Smaller installations may also be subject to environmental assessment, depending on their location and other statutory criteria. It is essential to determine whether an environmental decision is required, establish the scope of any necessary assessments, and verify that the proposed investment complies with the conditions set out in the relevant decisions. Changes to existing installations, including repowering, require separate assessment, as specific regulatory provisions apply.

Repowering: Unlocking the value of existing infrastructure

Repowering involves replacing or modernising existing wind turbines to improve production efficiency, increase availability or extend the wind farm’s economically useful life. Potential advantages include existing land rights, historical production data and grid connection infrastructure. However, these do not automatically guarantee that all existing permits, rights and technical parameters will remain valid for the new installation. Changes to turbine height, rotor diameter, capacity or environmental impact may require a reassessment of planning, environmental and construction compliance. Investors should also verify whether specific environmental provisions for repowering can be applied and under what conditions.

Repowering valuations should also account for long-term operating costs. For maintenance activities and inspections of wind turbine technical components covered by the statutory certification scheme, investors should verify the requirements applicable to service providers, personnel qualifications and safety procedures. The financial model should include maintenance costs, availability guarantees, the turbine supplier’s allocation of responsibilities and the planned replacement of major components.

Joint ventures: Combining capital with local expertise

A joint venture can be an effective structure when a financial investor contributes capital, project finance expertise and access to power purchase agreements, while a local partner brings a development pipeline, established landowner relationships and project development capabilities. The shareholders’ agreement should clearly define responsibilities, contributions, reserved matters, arrangements for funding additional costs, exit mechanisms and liability for historical development deficiencies.

To ensure bankability, transaction documentation should give the investor sufficient control over key risks without undermining day-to-day operational management. A transparent revenue model—based on market sales, a power purchase agreement (PPA) or an available support scheme—should be supported by realistic production and cost forecasts. Poland’s renewable energy auction support system replaced the earlier green certificate mechanism for new installations, while larger installations generally remain exposed to the electricity market.

In practice, the best project is not necessarily the one with the highest stated capacity, but the one in which land rights, permits, grid connection arrangements, contracts and corporate structure form a coherent package capable of securing financing.

Would you like to learn more about bankable wind energy projects in Poland?

Meet us at Windenergietage 2026. On 11 November 2026, from 3:00 p.m. to 6:00 p.m., Justyna Loretańska, Henning von Zanthier and Jakub Wysocki will be available to answer your questions at our thematic table:

“Polish wind energy: legal, tax and market-entry considerations for German investors”

We will be pleased to discuss the acquisition and development of wind energy projects, greenfield investments, repowering, joint ventures, and the legal and tax framework for investing in Poland.