CEE Equity Partners invests into PEP

CEE Equity Partners, a newly launched private equity fund with Chinese capital, will buy a stake in wind farm developer Polish Energy Partners (PEP), which will also acquire energy assets from Kulczyk Investments. PEP said in a statement on Saturday that it would acquire assets in Polenergia from its majority shareholder Kulczyk Investments in exchange for newly issued shares. CEE Equity will purchase shares from the same issue in exchange for cash. The PE fund will pay PLN 240 million for 7.27 million shares, securing a 16-percent stake in PEP. As part of the deal, the company's management is obliged to recommend a dividend payout of at least 20 percent of net profits starting from the financial year 2017. In 2014-2016 the PEP capital group plans to launch an additional 380 MW in wind farms on land, start working of 1,200 MW in offshore wind farms and create a Poland-Germany gas pipeline project.