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Has signed another transaction in the renewable energy market in Poland for the purchase of 14 solar projects with a total capacity of approximately 185 megawatts, with the aim of establishing and connecting to the electricity grid during 2023-2024.
The Nofar Europe subsidiary (90%) purchases the projects at outputs of between 1 megawatts and 68 megawatts. The total projected construction costs of all the projects in the portfolio are approximately 96.6 million euros, And they are expected to generate annual revenues of about 11.7 million euros and annual EBITDA of about 7.8 million euros.
Earlier this week, the company announced the signing of an agreement with Electrum (Electrum SP. Z OO), for a joint holding in a corporation that will engage in the initiation, development, management and holding of PV and wind projects in Poland with a capacity of up to 1,250 megawatts. According to the outline, the joint corporation will be managed by both parties and will engage in identifying opportunities in the Polish market in the field of renewable energy. As well, is initiating the development of additional projects. Nofar will hold 80% of the joint corporation while the entire balance will be held by the Polish company.
Nadav Tene, CEO of Nofar Energy: “We have marked Poland as one of our key target markets. We want to develop additional platforms in emerging markets alongside deepening activity in existing platforms, for continued growth.”
According to the company, the reason for the accelerated entry into Poland is the work that in February 2021 the Polish government adopted a plan for energy policy for 2040 when according to the plan by 2030 the share of coal in electricity production will be reduced from 66% to 56%, emissions will be reduced by 30%. The renewal in electricity production will increase from at least 13% to 23%, along with the construction of wind-powered marine electricity production facilities and an increase in the production capacity of nuclear energy. In order to meet the targets for reducing coal use, the Polish government has pledged that all coal mines in the country will be closed by 2049.
If the country does succeed in meeting its goals, Poland’s renewable energy market is expected to grow significantly. According to Nofar, it has an estimate from an external consulting company that in Poland it is expected to build about 11.3 gigawatts of renewable energy power plants (solar and wind) by 2025 and about 25.7 gigawatts by 2030 (compared to the current situation). ), Of which about 10.3 gigawatts of solar installations, about 9.4 gigawatts of smeared onshore power generation facilities, and the rest of offshore wind power generation facilities. In addition, according to estimates, the generation of electricity from renewable energies is expected to be about 21% in 2025 and about 42% in 2030, compared to about 13% of electricity production from renewable energies in 2021.
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