Enlight's continued expansion in Europe is an integral part of the Company's overall strategy, as the European Union accelerates the energy transition to facilitate greater energy security from clean and cheaper renewable sources
Enlight Renewable Energy (TASE: ENLT) has signed an agreement for the acquisition and joint development of a 525 MW portfolio of renewable energy projects in Croatia, across various stages of development. The portfolio comprises five projects, four of which are solar, totaling 386 MW and one of which is wind, totaling 139 MW. Enlight projects that the projects will commence construction from the end of 2023 through 2025, subject to the successful completion of the development phase for each project.
Enlight's wind farm project in Croatia.(Photo credit: Enlight) (PRNewsfoto/Enlight Renewable Energy)
The portfolio is one of the largest and most advanced portfolios of renewable energy projects in Croatia, and will enable Enlight to diversify its activity in Croatia to include significant solar projects, alongside its existing operational high-quality Lukovac wind project. As a member of the European Union, Croatia has adopted a far-reaching National Energy and Climate Plan (NECP) to increase the generation of electricity from renewable sources from 28% to over 36% by 2030 and 66% by 2050. Croatia benefits from one of the strongest solar resources in Europe and untapping the potential of its solar resources will be key to achieving the country's 2030 and 2050 renewable targets.
The acquisition also reinforces Enlight's already strong presence across Central and Eastern Europe, where the Company owns a 1.2 GW portfolio of renewable energy projects between Hungary, Kosovo, Serbia and Croatia, including 316 MW of operational projects.
Enlight Renewable Energy, founded in 2008 and traded on the Tel Aviv 125 Index is 98% publicly held. It is among the Israeli leaders in initiation, development, funding, construction and operation of ventures for generation of clean electricity from renewable energy sources. The company operates in Israel and Europe, benefits from a diverse portfolio of revenue-generating projects that are under construction, leading up to construction and with a signed agreement for the sale of electricity (PPA) with an output of approximately 3,800 MW, approximately 1, 200 MW in advanced development stages and an additional approximately 12,200 MW in various stages of development. The company has a growing revenue pipeline from long-term agreements for the sale of electricity and is also working to expand its footprint in additional clean energy markets and segments.
