Renewables

Croatian conglomerate Adris partners with local Encro to produce green power for self-consumption

adris encro wind solar renewables investment

Photo: Adris

Published

October 23, 2023

Country

Comments

0

Share

Published:

October 23, 2023

Country:

Comments:

0

Share

Adris Group, a Croatian conglomerate based in the coastal city of Rovinj, which operates in the tourism, food, and insurance sectors, signed an agreement on joint investment with a local renewable energy developer Encro in a wind farm and five solar power plants, with a total capacity of 141.8 MW.

Adris Group and Encro will control 50% each in four project companies developing the six power plants, Adris announced.

While Adris wasn’t involved in the energy sector until now, Encro has been very active in developing green energy projects in the country, with a pipeline of 1,000 MW.

Adris will cover almost its entire electricity demand in the long term with the new joint venture

Adris said that the investment in power plants expands its portfolio, meets its long-term renewable electricity needs, and ensures its operations’ long-term stability and sustainability.

The company said it is a well-balanced combination of solar and wind, aligned with the needs of firms operating within the group. It added that the solar power plants should start producing electricity at the end of 2024, while the wind farm is set to come online in early 2025.

According to Marko Remenar, president of the Management Board of Adris, the diversification into renewables will cover the firm’s entire electricity consumption in the long term.

Remenar: The investment places Adris among the leaders of the green transition in the region

“We will produce enough energy from sustainable sources to supply the entire system. In a time of significant geopolitical instability and the consequential energy supply and price uncertainty, Adris Group increases its resilience to external shocks and strengthens the sustainability of the business system as a whole,” said Remenar.

In his words, the issue of regular supply at stable and predictable prices is not only crucial for business profitability but also a matter of strategic importance for Adris.

No less important, in the context of global developments related to environmental, social, and corporate governance (ESG) standards, the investment places the company among the leaders of the green transition in the region, he added.

Adris says the new renewables project is part of its investment cycle worth more than EUR 500 million.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

montenegro-solar-wind-eu-green-steel

Montenegro on track to add 4 GW of solar and wind, seeks EU support for green steel roll-out

29 November 2023 - Montenegro's strategic goals include renewable energy, smart electricity metering, but also green steel production

eu action plan grids european commission

Industry welcomes EU’s grid action plan but criticizes lack of some crucial measures

29 November 2023 - The European Commission has presented a 14-point action plan for seven challenges to improving electricity grids

GIZ opens applications for green jobs consultant in Western Balkans 

28 November 2023 - The German development agency has launched a call for the expression of interest and the deadline is December 12

can europe necp western balkans report missed targets

CAN Europe: BiH, Kosovo* and Serbia’s NECPs lack climate ambition, coal phaseout dates

28 November 2023 - Bosnia and Herzegovina, Kosovo*, and Serbia sent draft NECPs to the Energy Community Secretariat for review in late June and July