Afcon continues to acquire renewable energy projects

by time news

The renewable energy company Afcon Renewable Energy, a subsidiary of Afcon Holdings, acquires a solar project in an advanced initiation phase in Poland with a capacity of about 101 megawatts, through the partnership with Migdal and Menora and a total investment expected to be about 55-67 million euros, mostly financed by credit And bank loans and the balance in the partnership’s investment. The required equity is expected to be about 16-20 million euros.

In addition, a services agreement was signed that the local entrepreneur will provide to the company until a financial closure is reached.

Afcon Renewable Energy estimates that the start of construction will be towards the end of 2022 and commercial operation is expected in the second half of 2023.

The seller is a leading entrepreneurial company in Poland, specializing in the development of solar projects. The project is located in the southwestern part of the country, where radiation data are among the best in Poland.

Israel Reif, Chairman of Afcon, said: “This is a significant addition to our portfolio of projects in Poland. This is a project with the best radiation data in Poland and is expected to start generating annual revenues of over 8 million euros. The new project is expected to be among the largest solar projects in Poland and will add to Afcon renewable energies significant solar power in high radiation areas. In this way, Afcon will become a significant player in the Polish market, in the field of renewable energies. “

Poland’s electricity market, the largest in Eastern Europe, is one of the most developing markets in continental Europe today with government targets for the transition to over 30% renewable energy by 2030 from just 13% to date. While the energy mix in the Polish electricity market is currently dominated by coal-fired power plants and makes Poland one of the countries with the highest greenhouse gas emissions in Europe, the shift to electricity generation under EU adopted regulations aimed at reducing carbon dioxide footprint makes Poland a major destination for energy companies Renewable Israeliness.

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