Renewable

November 25 (Renewables Now) - Israeli renewables developer Nofar Energy Ltd (TLV:NOFR) said today it has acquired a 185-MW portfolio of solar projects in Poland as part of its plan to grow on the local renewable energy market.

The acquisition, the value of which was not disclosed, comes a few days after the Israeli firm agreed to form a joint venture (JV) with Polish engineering specialist and power producer Electrum Sp zoo to develop up to 1.25 GW of wind and solar projects in Poland.

The 185-MW bundle includes 14 schemes with individual capacity ranging between 1 MW and 68 MW, which are at different stages of construction and development. Nofar Energy has purchased the assets through its Nofar Europe subsidiary from Polish firm Paged Real Estate.

According to the arrangement, Paged Real Estate will work on the projects’ development until they become ready-to-build. The plants are scheduled to go online in the 2023-2024 period.

The Israeli firm estimates that the construction of all projects will require some EUR 96.6 million (USD 108.9m) in investment. Once up and running, the plants are expected to bring around EUR 11.7 million in revenues per year and add EUR 7.8 million to Nofar Energy’s earnings before interest, tax, depreciation and amortisation (EBITDA) annually.

In the last few months, Nofar Energy also launched operations in Spain, Italy, Romania and the US.

(EUR 1.0 = USD 1.128)