- Nofar Energy has launched itself in the Polish renewables market with a JV arrangement for 1.25 GW solar and wind energy projects
- It has partnered with Electrum to identify, develop, manage and maintain the facilities
- While Nofar Europe will hold 80% stake in the projects, Electrum will hold 20% stake
Israel’s renewable energy power producer Nofar Energy has expanded its business operations to yet another country in Europe. It is to launch a joint venture (JV) with Electrum S.P. in Poland to develop up to 1.25 GW solar PV and wind energy projects.
In February 2021, Nofar Energy entered Italian rooftop solar market, followed by an investment in the Spanish solar market by acquiring 90% stake in 235.5 MW capacity along with Noy Fund (see Nofar Energy & Noy Fund To Invest In Spanish Solar).
Nofar Energy has entered the agreement through Nofar Europe and together with the Polish renewable energy EPC company Electrum, the duo will develop, manage and maintain solar PV and wind energy facilities.
Through their JV, they plan to identify, develop and acquire greenfield and ready-to-build (RTB) renewable energy projects with Nofar Europe holding 80% stake and Electrum remaining 20%.
Nofar Energy’s CEO Nadav Tenne said the decision to enter Poland was taken by the management after in-depth study of the market and careful assessment of several assessments of several alternatives to start its operations here.
The company sees Poland as a major renewable energy market that’s posed to grow significantly, in line with its Energy Policy 2040 (see Poland Approves Energy Policy Until 2040).
In July 2021, Nofar Energy entered the US market by acquiring 67% stake in solar and storage developer Blue Sky for $91 million (see Israeli Company Nofar Energy Enters US Solar Market).
Lightsource bp is another big name that recently entered the Polish solar market after it bagged a co-development deal for 757 MW in October 2021 (see Lightsource BP Expands In Europe, To Poland).