EuroEnergy and Afcon Renewable Energy Partner to Promote Green Energy Across Central Europe

April 24, 2023

[April 24, 2023, Athens, Greece] — EuroEnergy, a renewable energy subsidiary of Libra Group with assets and operations in the European Union, has announced the launch of a new partnership with Afcon Renewable Energy, a subsidiary of the Israeli multi-system projects and technologies group, Afcon Holdings, to invest at scale in renewable energy across Poland.

With an investment program of approximately €80 million Euro in Poland, the partnership will proceed in the development of two projects. The first one includes the construction and operation of a 20 MW solar park in the Boguszyn precinct in southwest Poland, located 36 miles from the provincial capital, Poznan. However, thanks to the aforementioned project, EuroEnergy further expands its project pipeline by an additional power of 100MW, thus increasing the company’s overall pan-European pipeline of projects up to more than 400 MW. EuroEnergy will also establish an office in Poland to facilitate its further growth in the local market.

Construction of the project, which is fully licensed, will begin in late May 2023 and is expected to connect to the grid in early 2024. The partnership between Afcon and EuroEnergy has the potential of expansion across the Central Europe region with a broad spectrum of renewable energy investments, including wind, PV, and battery storage.

The deal marks an important milestone for EuroEnergy, geographically diversifying its portfolio as well as growing its asset base. The latest projects increase the company’s European presence by adding Poland to Greece, Romania, and Croatia. This new venture also expands the footprint of EuroEnergy’s parent company, Libra Group, which has multiple renewable energy subsidiaries across North America, Latin America and Europe. The Group’s total renewable energy portfolio currently includes approximately 3 GW of projects owned, developed, or pending development in nine countries, spanning solar, wind, battery storage, and waste-to-energy projects.

Established in 2020, Afcon Renewable Energy is an Israeli-based, wholly owned subsidiary of Afcon Holdings. The company specializes in initiating, developing, funding, constructing, and operating projects of electricity generation from renewable energy sources with a diverse portfolio of projects in Israel and around the world, as well as a strategic partnership with institutional investors in Israel that aim to invest in European projects.

“As a leading player in the Polish renewable energy market, we are delighted to welcome our friends and partners to the Polish market, in what we hope to be the start of many collaborations to come,” said Afcon Renewable Energy CEO, Tal Raz. “As Afcon expands its operations in the renewable energy market in Poland, I would like to thank Dimitrios Antoniou, Afcon’s EVP, for leading this transaction.”

Theofanis Mermigkousis, CEO of EuroEnergy, further commented, “This partnership with such a like-minded and forward-thinking team as Afcon’s will only grow stronger in the future, both in Poland and other geographies. Poland becomes the fourth core European renewable energy market for EuroEnergy as we build one of the most sizable Central and Southeastern European renewable energy platforms. We are thrilled to be part of this joint venture and are fully committed to its success. We look forward to reporting on more exciting developments as we pave the way for further growth, diversification, and innovation.”

About EuroEnergy

Founded in Greece in 2007, EuroEnergy was established to increase the contribution of Renewable Energy Sources (RES) to the traditional energy mix in Europe and the Mediterranean countries. Over the years, its portfolio has grown to encompass Solar and Wind projects in Romania, Greece, and recently Croatia. With a technological focus on solar and wind energy, and more recently on storage systems, the company has grown its RES portfolio by developing or acquiring renewable energy projects with a combined generating capacity of over 100 MW of solar and wind energy assets. EuroEnergy has a diversified pipeline of around 400 MW under development in the Central and Southeastern Europe region. The company’s expertise in industrial asset management ensures that the assets are fully optimized and comply with all legal obligations, financial reporting, and environmental regulations as well as health and safety standards.

EuroEnergy is a member of Libra Group, a diverse international business group that has assets and operations in nearly 60 countries. Libra has multiple renewable energy subsidiaries across North America, Latin America and Europe with a portfolio comprising approximately 3 GW of projects owned, developed, or pending development in nine countries, spanning solar, wind, battery storage, and waste-to-energy projects. For more information, visit: https://www.euroenergy.com/

About Afcon Renewable Energy

Afcon Renewable Energy was established in 2020, and is a wholly owned subsidiary of Afcon Holdings. The Company specializes in initiating, developing, funding, constructing and operating electricity generation projects from renewable energy sources. Afcon Renewable Energy holds a diverse portfolio of projects in Israel and around the world at various stages of initiation and development, as well as strategic partnerships with institutional investors in Israel that aim to invest in European projects.

The company’s senior staff have extensive experience and expertise in initiating and managing complex renewable energy projects on a wide scale and have proven successes in the industry. In a world where renewable energy occupies an increasing share of the total energy produced in the world, the company’s experience, and expertise in the field of energy, combined with the establishment, financing and operating capabilities of the Afcon Group, position it as a leading player in the local and international market.  For more information, visit: https://afcon-re.com/

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