Greenvolt Group, through its utility-scale renewables subsidiary Greenvolt Power, has agreed to sell two operational battery energy storage system (BESS) projects in Poland to investment firm A&R Investments.
The Malta-based A&R Investments will acquire the 200 MW / 800 MWh Ełk standalone BESS, located in the Nowa Wieś Ełcka area, and the 200 MW / 800 MWh Turośń Kościelna standalone BESS, located within the Białystok County of the Podlaskie Voivodeship.
Turośń Kościelna was inaugurated in July 2026, while Ełk was scheduled to be operational within weeks in September.
Greenvolt said the sale is expected to close by the end of 2026, subject to customary conditions. As a listed company in Portugal on the Lisbon Stock Exchange, details are public. The transaction has a potential value of €391.5 million (USD 438 million), with €311.5 million payable at closing and an additional €80 million contingent on the projects being approved to participate in grid-balancing markets.
Both projects were completed in Q3 2026, with Greenvolt stating they are among the largest BESS projects in Poland. Together, they provide 400 MW / 1.6 GWh of storage capacity, which allows for up to four hours of discharge duration at full power.
Greenvolt outlined that both assets have secured 17-year capacity market contracts beginning in 2028. Under the contracts, the projects will receive fixed payments for making 85% of their rated capacity available to the Polish power system.
Both Ełk and Turośń Kościelna are supported by 10-year tolling agreements with Statkraft under which their storage capacity will be optimized and traded in electricity markets.
“These projects represent an important addition to our portfolio and an opportunity to invest in large-scale battery storage assets in Poland. Their scale and role in providing flexibility to the electricity system make them valuable assets in a market where storage is becoming increasingly important,” said Christian Buhagiar, director at A&R Investments.
Greenvolt Power has a BESS pipeline of approximately 4.6 GW across its markets. The sale of the two Polish projects to A&R Investments is part of Greenvolt’s asset rotation strategy, whereby it aims to sell approximately 70-80% of internally developed projects and recycle capital into new developments.
“Ełk and Turośń demonstrate Greenvolt Power’s ability to take complex, large-scale battery storage projects from development to completion. Poland is a strategic market for us and a key driver of our growth in Central Europe, where we will continue to deliver projects that meet the evolving needs of the energy system,” said Weronika Nowak, CEO of Greenvolt Power.
Timeline
Greenvolt’s Polish business came through V-Ridium in 2021, when it made a 100% acquisition of V-Ridium Power Group on July 14, 2021.
Companies were registered for the Ełk and Kościelna projects in February and March in 2022. Critically, Greenvolt secured 1.2 GW of capacity-market awards across six wholly owned battery projects from Poland’s December 2023 capacity market auction.
Greenvolt signed a supply agreement with BYD in March 2025 for the two 200 MW/800 MWh projects, with substation construction already underway and installation initially expected by Q1 2026.
In August, Greenvolt secured a €218 million financing package from UniCredit for the pair, comprising €153 million in bridge facilities and €65 million in guarantees.
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