- Press Releases
November 22 (Renewables Now) - Israeli renewables developer Nofar Energy Ltd (TLV:NOFR) has 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 agreement marks Nofar Energy’s entry into the Polish renewable energy market and aligns with its global expansion plans, the Israeli firm said on Monday. In the last few months the company also launched operations in Spain, Italy, Romania and the US.
Nofar Europe will hold an 80% stake in the new entity, leaving 20% for its partner. The Polish JV will seek to identify opportunities for renewable energy deployment in Poland, develop own projects and acquire greenfield or ready-to-build schemes. Project maintenance is also within the entity’s focus activities.
“[..] Electrum features strong synergy with Nofar's operations which we believe would yield significant growth and successful implementation of hundreds of megawatts with a robust return on investment,” said Nadav Tenne, CEO of Nofar Energy. In addition to providing consulting and engineering services, Electrum has experience in initiating and operating renewable energy projects and is also involved in the management of wind, solar, energy storage and hydrogen plants.
Poland’s renewable energy market is expected to grow substantially over the next few years in line with the country’s goal for a 30% emissions reduction by 2030. According to an unnamed consulting firm quoted by Nofar, some 11.3 GW of new wind and solar parks are set to be built by 2025, with renewables accounting for 21% of Poland’s total power by the same year.