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.