Ferrovial, Budimex eye 500 MW of joint renewables in Poland - report

Spanish builder Ferrovial SA (BME:FER) and its Polish subsidiary Budimex SA (WSE:BDX) have set up a Polish joint venture (JV) to develop wind and solar photovoltaic (PV) projects, targeting 500 MW in five years, local media reported on Tuesday.

The newly-established company, BXF Energia, will be engaged in the development of renewable energy projects, starting from land acquisition, going through project development and construction, to operation and maintenance, said BXF Energia CEO Piotr Swiecki, as quoted by news outlet Rynek Infrastruktury.

Budimex will own 51% of the JV, while Ferrovial will have the rest. The project is an opportunity to fully use the potential and resources of Budimex locally, combining it with Ferrovial's international presence and experience in renewable energy, Budimex CEO Artur Popko was cited as saying.

The establishment of the JV is in line with the activities of Budimex, which already has two projects under construction -- the 14 MW Kamelia PV plant and the 7-MW Magnolia wind farm. The group is also on track to add to its pipeline 112 MW of PV arrays and 110 MW of wind farms, Swiecki added.

The renewables business is relatively new for Ferrovial, going on for a year and a half, but the group wants to actively participate in the energy transformation and the fight against climate change wherever it is present, the CEO of Ferrovial Energy Infrastructures, Amando Zuluaga, said.

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