In line with its strategic plan and following the launch of operations in the USA, Spain, Romania, and Italy over the past few months, Nofar Energy continued to expand its global traction by entering Polandís renewable energy market. Today, the company reported that Nofar Europe (90%) executed an agreement with Electrum S.P. Z O.O on the joint holding of a corporation that will initiate, develop, manage, and maintain photo-voltaic and wind energy projects with a capacity of up to 1,250 megawatts.
The two companies will co-manage the joint venture, including identifying opportunities for renewable energy in Poland, initiation, development, and acquisition of greenfield and RTB renewable energy projects, and project maintenance. Nofar Europe will own 80% of the joint corporation and Electrum the remaining 20%.
Electrum is a leading consulting, engineering, and technology company in the Polish market. As an independent power producer (IPP), it specializes in preparing, implementing, launching, operating, and maintaining investment projects in the Renewable Energy Sources (RES) sector, information, and industry. It also engages in the comprehensive management of energy assets, such as wind and photo-voltaic farms, cogeneration systems, energy storage, hydrogen facilities, SMRs, and WTE).
Dr Miroslaw Poplawski, CEO of Electrum, said, ďthe joint venture with Nofar Energy perfectly fits into the implementation of our long-term strategy based on IPP energy & information business formula and focused on co-creating an alternative energy system. Iím really impressed by Nofarís vision, innovative thinking and its extraordinary business success way. 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. Whatís more, this agreement makes Electrum much more global and builds an additional value for our brand. No doubt there is a synergy effect between us. Congratulations and all the best for our partners from Nofar Energy!Ē
Nadav Tenne, CEO of Nofar Energy, said, ďas 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. Moreover, Electrum features strong synergy with Nofarís operations which we believe would yield significant growth and successful implementation of hundreds of megawatts with a robust return on investment. I am excited by the new partnership and congratulate our new partners in Electrum, wishing us success in the new venture.Ē