History Sunningwell International Polska
Since 2009, Sunningwell International Polska has been operating dynamically on the domestic and international market. The initial idea of creating a leader in the energy sector has evolved into a much more developed vision.
- 2009Sunningwell International Polska Sp. z o.o. was established in 2009 as a result of an idea to create a company in Poland and the CEE region - a partner for Sunningwell International Limited (Hong Kong), a company operating mainly in Asia.
- 2009-2017In 2009-2017, the company was mainly involved in energy projects. At that time, the Polish company cooperated with several of the largest contractors on the Chinese market (Shanghai Electric Group, China National Electric Engineering Corporation CNEEC, China Gezhouba and others).
Sunningwell International Poland was a partner in tenders for the construction of power units with a capacity of 450 MW to 1000 MW, at the largest power plants in Poland. The projects worth mentioning include the 1000 MW unit at Kozienice Power Plant, 850 MW units at Jaworzno Power Plant, 450 MW unit at Turów Power Plant and 1000 MW units at Ostrołęka Power Plant. In 2016 Sunningwell, in a consortium with two American private equity funds, made a bid of EUR 280 million to take over Połaniec Power Plant.
In 2009-2017, the company was considered by shareholders as an investment vehicle (SPV) for energy projects and did not have any other business activity.
- 2018 - 2019In 2018, Sunningwell's shareholders, returning to the original idea of a wide range of financial, commercial and investment activities, changed the nature of the company. Sunningwell International Polska, without abandoning its energy business, started to conduct trade-finance activities; it also entered into investments in so-called distressed assets. The company has established cooperation with many financial and investment companies, including primarily a group of concentrated companies TransAsia (managing Asian Trade Finance Fund), Trade Finance Corporation and TFC Capital. Sunningwell also cooperates with many financial and investment companies in Europe.
Between 2018 and 2019, the company has financed many transactions and projects under the so-called Trade Finance, for a total amount of over 20 million Euro. In addition, during the same period Sunningwell financed the acquisition of several projects, including the acquisition of the bankrupt PVC granulate factory for cable production (Polivinit in Bydgoszcz), the site of the former CPR coal enrichment plant in Dąbrowa Górnicza (on the site of the former Paris mine), and a rolling mill in Romania - Laminorul Braila. In addition, Sunningwell signed two lease agreements in 2019 and operationally took over the assets of Czestochowa Steelworks and Greentech Polska in Toruń.
- 2019Undoubtedly the biggest event of the past year was the signing of the lease agreement of the bankruptcy estate of ISD Huta Częstochowa. The agreement was signed on September 19, 2019, and already in October, the production at the Ironworks was launched (in which production was stopped in May 2019 as a result of the bankruptcy of ISD Polska and ISD Huta Czestochowa). Under this agreement, Sunningwell obtained the right to a one-year lease of the company (with the possibility of extension for another 6 months), and the right of pre-emption of the Ironworks as part of the tender for the sale of the company planned for the second half of 2020.
In 2019 Sunningwell, together with its partner, West Trade S.A., established in Romania a company called Laminirul Danube Metallurgical Enterpise (LDME), in which Sunnignwell acquired a 90% of shares. In 2019 LDME acquired the Laminorul Braila rolling mills. Offers were also accepted for the acquisition of two metallurgical plants in Romania - Otel Rosu and Cos Targoviste. As a consequence of these offers, in 2020 LDME took over the assets of Otel Rosu; and in March, a 12-month lease agreement was signed for the assets of COS Targoviste with a purchase of the assets at the end of the lease period. Sunnignwell, together with LDME, plans to start production at COST in April 2020 and at Otelu Rosu in the autumn of 2020 (depending on the coronovirus situation).
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