Israel-based green energy company Nofar Energy has signed an agreement with Polish independent power producer (IPP) Electrum to build 1.25GW of renewable energy capacity in Poland.
The companies will create a joint venture (JV) to initiate, develop and maintain photovoltaic (PV) and wind energy projects.
Nofar will hold an 80% stake in the JV, with the remaining 20% stake owned by Electrum.
The partnership with Electrum is in line with Nofar’s strategic plan and comes after the company launched operations in the US, Spain, Italy and Romania.
Nofar Energy CEO Nadav Tenne said: “As part of implementing our strategic plan for expanding our global traction, we devoted the past few months to in-depth studying of the Polish market and careful assessment of several alternatives for starting operations there.
“As a result, we chose to establish a joint venture with Electrum because of its extensive renewable energy experience, proven capabilities in developing and setting up complex infrastructure projects, and the high level of its executives and workers.
“I am excited by the new partnership and congratulate our new partners in Electrum, wishing us success in the new venture.”
Nofar Energy and Electrum have agreed to manage the JV, including identifying renewable project development opportunities and purchasing greenfield and ready-to-build renewable energy projects in Poland.
Electrum CEO Dr Miroslaw Poplawski said: “The joint venture with Nofar Energy perfectly fits into the implementation of our long-term strategy, based on IPP energy and an information business formula and focused on co-creating an alternative energy system.
“For sure, partnership with Nofar Energy shall generate a very strong positive impact on the RES market in Poland and create exceptionally attractive results for both companies, including speed-up of our business development and high profits.”