Polish renewables sector player Raen SA (WSE:RAE) has entered into a series of agreements to propel forward a solar photovoltaic project exceeding 150 megawatts peak (MWp) in Poland, forming a joint venture (JV) with Spanish engineering and construction giant Grupo Cobra.
In a disclosure to the stock market on Monday, Raen announced the sale of an 80% stake in Solar Polska New Energy, an entity dedicated to the solar project, to Grupo Cobra's subsidiary Zero-E. Additionally, the companies have inked a cooperation agreement to execute the project under a JV framework.
As part of the arrangement, Raen will assume responsibility for obtaining all necessary approvals and permits, ushering the project to the ready-to-build stage. Upon achieving specific milestones, Raen will receive financial compensation before participating in the construction and management of the solar farm, retaining a 20% stake in the venture.
Situated in the municipality of Dobra in the West Pomeranian Voivodeship, Solar Polska New Energy's project is slated to exceed 150 MWp in capacity. Raen anticipates a permitting process lasting between two to three years.
The management board of Raen envisions these agreements as catalysts for bolstering the positive financial performance of the Raen Capital Group. Furthermore, the collaboration with Zero-E presents opportunities for future cooperation in acquiring and developing renewable energy projects across Poland.
Formerly known as Punkpirates SA, Raen positions itself as a platform facilitating the integration of foreign capital into renewable energy ventures in Poland, reflecting the company's commitment to fostering sustainable energy development in the region.
