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E-Star to spend €70m on CHP projects in Poland until 2015


E-Star (formerly RFV), a Hungarian energy firm specialised in efficiency-improving projects, revealed plans to spend €70m on capital investments in Poland over 2011-2015, as it completed a dual listing on the Warsaw Stock Exchange. They are the heart of a €215m investment programme that is to extend the company’s footprint to several new markets in Central and Eastern Europe.

E-Star, which is currently present in Hungary and Romania, sees big growth potential in Poland’s combined heat and power (CHP) sector. It estimates that there are about 200 local CHP firms in the country with significant growth and efficiency reserves; and that it will be able to generate an average of €25m in revenues from each such project in Poland, assuming annual heat output of 1.2 PJ and power output of 50 GWh. The company is focusing mainly on building cogeneration blocks, with a strong emphasis on renewable sources such as biomass, biogas and geothermal energy.

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