Polish renewables investor Raen has agreed with Spain’s Grupo Cobra to jointly implement a 150MW solar project in the West Pomeranian voivodeship.
Raen, a platform integrating investors with renewable energy schemes, has signed a joint venture agreement with Spanish Grupo Cobra for the joint implementation of the project.
In the initial stage, Raen will be responsible for preparing the project for the ready-to-build phase.
It will then will be able to participate in the construction and management of the farm, with a 20% stake.
“In addition to the classic preparation of the project for the construction phase, in the next stage, we will be able to participate in its construction and then benefit from the operation of the installation” said Raen Capital Group Management Board president Adam Guz.
“This aligns with our strategy of expanding our scope of activities and becoming an independent energy producer.”
The JV agreement makes Raen a 20% shareholder in the solar farm development project in the municipality of Dobra.
Additionally, under a separate Developer Services Agreement (DSA), Raen will be responsible for obtaining all necessary approvals for the project, including obtaining grid connection conditions and building permits.
This stage of work may take two to three years and will be divided into milestones, upon reaching which Raen will receive compensation.
Raen Group has signed letters of intent and agreements to prepare solar projects for the construction phase with several major international entities, such as Goldbeck Solar from Germany, Canadian Solar from Canada and Golden Peaks Capital Group from Switzerland.
Projects for Engie and Metka totalling 1.45GW are already in progress, from which Raen is generating revenues associated with milestone completion.