A second significant agreement for Nofar Energy in the Polish renewable energy market
In line with its strategic plan and following its entry into the Polish renewable energy market, Nofar Energy (NOFR) today announced a second significant agreement in Poland. Nofar announced that it has purchased a portfolio of solar projects with a total capacity of 185 megawatts. Earlier this week, the company announced it had signed an agreement with Electrum SP. Z OO, a leading player in the Polish renewable energy market. Under this contract, the two companies will jointly own a company dedicated to the launch, development, management and maintenance of photovoltaic (PV) and wind projects in Poland with a capacity of up to 1,250 megawatts. The expansion of Nofar’s operations in Poland is in addition to projects, companies and development platforms that Nofar already has in the United States, Spain, Romania, Italy and Israel.
(Photo: Sean Gallup / Getty Images)
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Under the new agreement, Nofar Europe (90%) signed an agreement to purchase 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 up to RTB. The company plans to connect the projects to the electricity grid in 2023-2024. The portfolio includes 14 projects with capacities ranging from 1 to 68 megawatts. The projected construction cost of all projects in the portfolio is 96.6 million euros, and their projected annual revenues are estimated at 11.7 million euros with an annual EBITDA of approx. 7.8 million euros.
Nadav Tenne, CEO of Nofar Energy, said: “The current agreement and partnership with Electrum, which we announced earlier, add to Nofar’s development momentum in the United States, Italy, Romania, Spain and Israel. Anchored in the global organizational infrastructure that we have built over the past year, including initiation, development, funding, construction and management in said markets. Nofar’s unique business model, organizational scheme and global presence allow it to develop additional growth platforms into profitable growth. At the same time, the company is investing in its current operations to ensure rapid and continuous growth.
The Polish renewable energy market
In February 2021, the Polish government adopted the Polish Energy Policy for 2040 (PEP2040). The policy states that by 2030, coal-based electricity will be reduced from 66% to 56%, CO2 emissions will be reduced by 30% and the rate of renewables in power generation will drop from 13%. % to at least 23%. These milestones will be implemented along with the construction of marine power generation facilities and increased power generation from nuclear power. Meanwhile, the Polish government has also pledged to shut down all coal mines in the country by 2049.
The Polish renewable energy market is expected to grow significantly over the next few years, among other things, to comply with the policy objectives. An independent consulting firm has estimated that 11.3 gigawatts of new renewable electricity generation projects (solar and wind) will be built by 2025. By 2030, capacity would increase by 25.7 gigawatts compared to the current power. Of this capacity, 10.3 gigawatts will be produced from solar power plants, 9.4 from onshore wind facilities and the rest from offshore wind facilities. he renewable origin should represent 21% and 42% in 2030, against 13% in 2021.
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