Israel-based renewable energy firm Enlight Renewable Energy has agreed to acquire and jointly develop a 525MW renewable energy project portfolio in Croatia for an undisclosed sum.
The renewable project portfolio consists of four solar projects, each with 386MW of capacity, and a 139MW wind project.
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The projects are currently in various stages of development, with construction works expected to begin by the end of next year and run until 2025.
The project portfolio is claimed to be the largest in Croatia and would allow Enlight to further diversify its activity in the country, together with its operational Lukovac wind project in the region.
With this deal, the company aims to strengthen its presence in Central and Eastern Europe, where it owns a 1.2GW renewable energy project portfolio located across Hungary, Kosovo, Serbia and Croatia.
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In a statement, Enlight Renewable Energy said: “As a member of the European Union, Croatia has adopted a far-reaching National Energy and Climate Plan (NECP) to increase the generation of electricity from renewable sources from 28% to over 36% by 2030 and 66% by 2050.
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By GlobalData“Croatia benefits from one of the strongest solar resources in Europe and untapping the potential of its solar resources will be key to achieving the country’s 2030 and 2050 renewable targets.”
Founded in 2008, Enlight currently operates a 3,800MW operational renewable portfolio, as well as around 1,200MW of capacity in advanced stages of development.
The company also has around 12,200MW in various stages of development and is working to expand its footprint into additional clean energy markets and segments.
In July last year, Enlight agreed to purchase 90% of the shares of US-based solar and storage developer Clēnera.
The company carried out the deal through its US subsidiary for an enterprise value of up to $433m.
Clēnera founders Jason Ellsworth and Adam Pishl agreed to retain 10% shares in the company.
