Enlight Renewable Energy is to acquire and co-develop almost 400MW of solar PV in Croatia, bolstering its position in Europe’s solar market.
The Israel-headquartered independent power producer (IPP) has agreed to acquire a 525MW portfolio of solar and wind projects in the country which are at various stages of development.
The portfolio comprises four solar projects with a combined generating capacity of 386MW and one wind project with a total capacity of 139MW.
Construction of the portfolio is expected to commence between the end of 2023 and 2025, Enlight said.
While Enlight already has an operational onshore wind farm in Croatia – the 48.75MW Lukovac project in Split-Dalmatia – the deal marks the IPP’s maiden investment in Croatian solar and strengthens its presence in Central and Eastern European (CEE) solar markets.
Enlight’s CEE renewables portfolio currently includes projects in Hungary, Kosovo and Serbia, as well as Croatia. Its portfolio stands at 1.2GW, of which 316MW is operational.
Enlight has historically looked to bolster its portfolio through M&A activity, last year acquiring a 90% stake in US solar and storage developer Clēnera in June 2021 before picking up a 490MWdc array of Spanish solar projects from Cerberus Capital Management later that year.