A second significant deal for Nofar Energy in Poland's renewable energy market

Ashdod israel (ots) - --News Direct--

In line with its strategic plan and following its entry into Poland's renewable
energy market, Nofar Energy (NOFR) today announced a second significant deal in
Poland. Nofar reported it had purchased a portfolio of solar projects with a
total capacity of 185 megawatts. Earlier this week, the company said it had
signed an agreement with Electrum SP. Z O.O, a leading player in Poland's
renewable energy market. Under the contract, the two companies will jointly own
a corporation devoted to initiating, developing, managing, and maintaining
photo-voltaic (PV) and wind energy projects in Poland with a capacity of up to
1,250 megawatts. The expansion of Nofar's operations in Poland adds to the
projects, companies, and development platforms that Nofar already owns in the
USA, Spain, Romania, Italy, and Israel.

Under the new deal, Nofar Europe (90%) inked an agreement to buy a portfolio of
solar projects in Poland with a total capacity of 185 megawatts, which are in
different stages of construction and development. The projects are acquired from
Paged Real Estate, which will develop them until RTB. The company plans to
connect the projects to the power grid in 2023-2024. The portfolio comprises 14
projects with capacities ranging from 1 to 68 megawatts. The projected
construction cost of all the projects in the portfolio is EUR 96.6 million, and
their projected annual revenues are estimated at EUR 11.7 million with a yearly
EBITDA of approx. EUR 7.8 million.

Nadav Tenne, CEO of Nofar Energy , said, "the current deal and the partnership
with Electrum, which we announced earlier, adds to Nofar's development momentum
in the USA, Italy, Romania, Spain, and Israel. Anchored in the global
organizational infrastructure that we built over the past year, including
initiation, development, funding, construction, and management in the said
markets. Nofar's unique business model, organizational scheme, and global
presence allow it to develop additional growth platforms in profitable growth.
At the same time, the company invests in its current operations to ensure
continued rapid growth."

Poland's renewable energy market

In February 2021, the Polish government adopted the Polish Energy Policy for
2040 (PEP2040). The policy stipulates that by 2030, coal-based electricity will
be reduced from 66% to 56%, CO2 emissions will be reduced by 30%, and the rate
of renewable energies in power generation will increase from 13% to at least
23%. These milestones will be implemented concurrently with constructing marine
power generation facilities and increased power generation from nuclear energy.
Furthermore, the Polish government has also undertaken to shut down all the coal
mines in the country by 2049.

Poland's renewable energy market is projected to grow substantially over the
next few years, among others, to comply with the policy objectives. An
independent consulting company estimated that 11.3 gigawatts of new power
generation projects from renewable sources (solar and wind) will be built by
2025. By 2030, the capacity would increase by 25.7 gigawatts compared with
today's power. Of this capacity, 10.3 gigawatts will be generated from solar
plants, 9.4 from land-based wind energy facilities, and the balance from wind
energy facilities located in the sea. Thus, by 2025, electricity from renewable
sources is expected to account for 21% and 42% by 2030, compared with 13% in
2021.

Contact Details

nofar-energy

Dikla Ivri Pardnoy

[phone]

mailto:[e-mail]

Company Website

https://www.nofar-energy.com/

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ificant-deal-for-nofar-energy-in-polands-renewable-energy-market-266335424

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