IBC SOLAR Energy, a division of German photovoltaics specialist IBC Solar AG sold two solar projects of 120 MW in Poland to Afcon Renewable Energy, a subsidiary of Afcon Holdings. Afcon Renewable Energy will complete the development of the projects up to the readiness to build (RTB) stage through development agreements signed with local entrepreneurs.

The agreement with Afcon underlines IBC SOLAR’s expansion of business activities in Poland. The company has recently founded a new subsidiary in Poland and expanded its local capacities.

“The signing of the contract is the kick-off of our joint project activities with Afcon, which may be extended to other countries as well,” said Patrik Danz, Chief Sales Officer (CSO) of IBC SOLAR AG. “The sale to Afcon is only a part of our project development in Poland, which comprises more than 600 MW and is being continuously expanded.”

Israel Raif, Chairman of Afcon, said: “We are very pleased about our cooperation with IBC SOLAR. These two projects are a significant addition to our portfolio of projects in general and Poland in particular. Afcon is continuing to invest in unique large-scale solar projects, and this acquisition will position us as a significant player in the renewable energy market in Europe.”

According to Mercom’s recently published 9M and Q3 Solar Funding and M&A Report, in 9M 2022, there were 207 project acquisitions for 52 GW compared to 200 projects acquired for 55.5 GW in 9M 2021. The INVL Renewable Energy Fund 1, managed by INVL Asset Management, has recently agreed to acquire a solar project in Romania with a capacity of 174 MW. The acquisition will increase total investments in the fund’s projects in Romania, which is expected to reach around €350 million (~$340.7 million) and brings the total capacity of the eight solar projects under development in Romania to 442.7 MW.