Construction of another project from our RES portfolio is starting

The photovoltaic Park Lewałd Wielki, a project from ONDE’s development portfolio, will have an installed capacity of 32 MWp. Its construction has just begun, making it the largest investment currently being undertaken from the company’s own portfolio.

ONDE, which has been steadily developing its development arm for several years, has signed a contract with its subsidiary for the comprehensive construction of the 32-megawatt photovoltaic farm Park Lewałd Wielki. The construction cost amounts to PLN 85 million net, with a completion deadline set for the second quarter of 2025. Initially, this project had a potential of 25 MWp, but the company expanded it by an additional 7 MWp.

“This is thanks to our team responsible for development and investment preparation. They have implemented a series of optimizations that have allowed for a significant increase in the target capacity. This is particularly important now when obtaining new grid connection permits is challenging, and it’s crucial to maximize the value from each project that already has them,” emphasizes Paweł Średniawa, CEO of ONDE.

Park Lewałd will be the sixth renewable energy investment from ONDE’s development portfolio.

“We started 2024 with a strong acceleration of our activity in the renewable energy development segment. In the first quarter, we sold projects with a capacity of 60 MW, while ensuring the possibility of their implementation for a new investor. Park Lewałd Wielki is, so far, our largest self-developed project under construction. We do not exclude its sale during the construction period,” says Paweł Średniawa.

The development activity is becoming increasingly important for the financial results achieved by the publicly traded company. The significant improvement in ONDE’s profitability in the first quarter of 2024 is, among other factors, a result of the sale of three photovoltaic projects – Jawor, Jelenia Góra I and II, and one wind project (Szybowice).

Currently, ONDE has projects in its development portfolio with a total capacity of approximately 280 MW at the permit stage, within a portfolio exceeding 800 megawatts. The company plans further expansion of its portfolio, aiming to at least double its development portfolio to 1.6-1.8 GW within the next 2-3 years.

“We have cash resources and available external financing, so we would like to start the implementation of at least one more power plant this year and acquire several new projects for our portfolio,” says Paweł Średniawa, CEO of ONDE.