Aira Energy Acquires Active Wind Farm in Poland for $14.5 Million

Aira Energy, formerly Augwind, has entered into a non-binding agreement to acquire an active wind farm in Poland for approximately 13.5 million euros (about $14.5 million). The deal, which is still subject to due diligence and a definitive agreement, marks another step in the company's strategic shift away from its original compressed air energy storage (CAPP) technology.

The acquired asset, known as the FLUX project, is a 7.84-megawatt wind farm comprising three GE turbines that began operating in 2015 and 2016. The project already sells electricity on the free market, and Aira Energy estimates it will generate annual revenues of around 8.8 million shekels (about $2.4 million) and EBITDA of approximately 5.3 million shekels (about $1.4 million).

This acquisition follows a series of recent moves by Aira Energy, including the purchase of a 33.3-megawatt solar portfolio in Poland for 23.7 million euros and a 51% stake in Green-Go, entering the Engineering, Procurement, and Construction (EPC) sector in Israel. The company aims to close the wind farm deal by the end of the year, pending financing and board approval.

Despite these strategic acquisitions, Aira Energy's financial performance in the first half of the year showed a significant decline in revenue, down 33% to 4.1 million shekels, and an increased operating loss of 11.49 million shekels, resulting in a total net loss of 13.8 million shekels. The company is also pursuing additional private capital raises to fund its expanding portfolio.

"The signing of the offer to acquire the FLUX project in Poland is another strategic milestone for Aira Energy," said Chairman Yiftach Ron-Tal. "We are expanding our presence in Poland from primarily solar to include wind, while also working to add BESS-based storage to our portfolio. Our vision is to build an independent, decentralized electricity generation platform in Poland, integrating complementary generation and storage technologies."