Enlight buys 525 MW renewables project portfolio in Croatia

Israel-based Enlight said it acquired and entered joint renewable energy projects of 525 MW in total in Croatia. The start of construction of the five units is planned from 2023 to 2025.

Enlight Renewable Energy, headquartered in Tel Aviv, 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 package comprises five projects, four of which are solar, totaling 386 MW, the company said. The remaining one is for a wind power plant.

Enlight projected the projects would commence construction from the end of 2023 through 2025, adding that the transaction is another step in its strategy to expand in Europe. The Israeli company didn’t disclose the financial details.

The Israeli renewables developer already operates the 48.8 MW Lukovac wind farm in Croatia

The investment enabled Enlight to enter the solar power sector in Croatia. It already operates the 48.8 MW Lukovac wind farm in the country’s south. The facility was built in 2017.

“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,” according to the press release.

The company owns renewable energy plants of 316 MW in total in Hungary, Kosovo*, Croatia and Serbia

The company said it has a 1.2 GW portfolio of renewable energy projects in Hungary, Kosovo*, Croatia and Serbia, including 316 MW of operational projects. Enlight said it is running a total of 3.8 GW in projects under construction, leading up to construction and with a signed power purchase agreement (PPA).

The company agreed a year ago to buy 90% of Clēnera. The company based in the United States develops solar power and energy storage facilities. The deal was worth as much as USD 433 million in terms of enterprise value. Enlight subsequently took over solar power projects in Spain with a combined 490 MW in nameplate capacity from Cerberus Capital Management.