A 525 MW portfolio of renewable energy projects in Croatia will be purchased and jointly developed by Israel-based Enlight Renewable Energy for an undisclosed amount. The portfolio of renewable projects consists of a 139 MW wind project and four solar projects with a cumulative capacity of 386 MW. The projects are currently in various stages of development, and it is anticipated that construction work will start at the end of 2023 and run until 2025.
Together with its existing Lukovac wind farm in the area, the project portfolio, which is said to be the largest in Croatia, would enable Enlight to further diversify its activities in the country. The company aims to increase its footprint in Central and Eastern Europe with this deal. It has 1.2 GW of renewable energy projects spread across Hungary, Kosovo, Serbia, and Croatia.
In July 2021, Enlight Renewable Energy signed a formal deal for acquiring a stake in Clēnera, a solar and storage company in the US, for up to $433 million. In this deal, Enlight bought 90 per cent of Clēnera’s shares through a subsidiary in the US, while the founders kept 10 per cent.
REGlobal’s Views: Croatia plans to increase the generation of electricity from renewable sources from 28% to over 36% by 2030 and 66% by 2050. It also enjoys high solar radiation and good wind resources, and thus, is a favorable market for clean energy investments.