Singapore's 2nd Square to raise stake in Polish clean energy investor PGF

Singaporean investor 2nd Square Pte said on Friday that it will increase to 33.49% its recently acquired stake of 24.51% in Warsaw-based Polska Grupa Fotowoltaiczna (WSE:PGV), or PGF, a holding company of clean energy businesses.

The Singaporean company will convert into shares subscription warrants as part of a capital increase in the company, PGF said in a separate filing without disclosing the price of the deal.

Some days earlier, on December 21, PGF announced 2nd Square's entry into its capital with the acquisition of shares equal to 24.51% of its voting rights.

PGF is gradually expanding its group and competencies in the renewable energy industry. On Friday, it also announced the acquisition of a majority stake in domestic sector company Solar Innovation for PLN 11.8 million (USD 2.7m/EUR 2.5m). The target is active in photovoltaics, heat pumps, electricity and heat generation.

PGF's portfolio in the renewable energy sector also includes investor OZE Capital, design and installation services providers Semper Power and K500, as well as photovoltaic farm builder Lionpower.

(PLN 10 = USD 2.28/EUR 2.14)

Choose your newsletter by Renewables Now. Join for free!