This is a completely new stage in the development of Polenergia and another great step in the implementation of our very dynamic growth strategy. On the one hand, we are constantly and very quickly expanding our product and service portfolio. On the other hand, today not only do we produce energy, but also we have started delivering it to the end customer. Now it's time for the third direction - going beyond Poland.
The result of an agreement between Polenergia and Naxxar Renewable Energy Management Holding is the conditional purchase of 60% of shares in Naxxar Wind Farm Four Srl (NWF 4 for short). NWF 4 holds shares in seven special purpose vehicles that are jointly developing a project called N4, which has technical conditions for connection to the grid.
One of our Group's companies trades in electricity in the CEE region. The other one recently started selling distributed energy in the Czech Republic. Today we start expansion in Romania, significantly expanding the scale of our operations. Polenergia's involvement in the construction of wind farms by the Black Sea is another important support for the decarbonization process of Europe. We are opening up to new markets and at the same time we are heading towards stepwise increase of generation capacity from our renewable sources.
N4 assumes the construction of wind farms with a total capacity of up to 685.6 MW, located in the Tulcea County, Dobrogea region, by the Black Sea. It is one of the windiest areas in Romania, with average wind speeds exceeding 8 meters per second.
The agreement provides for the right for Polenergia to acquire the remaining 40% of shares in the Company in the period from July 1 to December 31, 2024.
We, at Naxxar Renewable Energy, are looking forward to working with Polenergia on this landmark project. Romania is a very promising market and we congratulate Polenergia on this momentous step in its international expansion.
The purchase of shares in NWF 4 signs in Polenergia’s Strategy for 2020-2024. NWF 4 is intended to be a platform for further development of Group operations and assets in Romania.
Entering Romania means the possibility of doubling the power from wind and solar that we have today. Thanks to this agreement, Polenergia will take the place of one of the leaders in renewable energy in Central and Eastern Europe. And this means that my Dad's dream of an international energy holding built in Poland is now becoming a reality.
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