Engages in renewable solar & wind energy projects in poland.
Zephyrus enters 2026 as an energy company with a strong operating wind asset, but the main story has shifted from Potegowo's current cash yield to the company's ability to connect, finance, and activate the next layer of projects.
In 2025 Zephyrus improved core revenue and pro forma cash generation, but reported earnings swung the other way because the derivatives book and fair-value layers passed through the statements much faster than they affected cash.
Doral is buying Zephyrus first and foremost as a proven Potegowo cash-flow base, but it is paying a premium to control the connection, distribution and trading layer that could turn Potegowo into a platform for the next wave of projects.
