Israeli company Nofar Energy is setting up a joint venture with Electrum to initiate, develop, manage and maintain 1250MW of wind and solar in Poland.
The two companies will co-manage the JV, 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 chief executive Miroslaw Poplawski said: “The joint venture with Nofar Energy perfectly fits into the implementation of our long-term strategy based on IPP energy and information business formula and focused on co-creating an alternative energy system.
“I’m really impressed by Nofar’s 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.
“What’s 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.”
Nofar Energy chief executive 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.
“Moreover, Electrum features strong synergy with Nofar’s 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.”