Adris and ENCRO Sign a Joint-Venture Investment Agreement

Yesterday, Adris announced that it signed a joint-venture investment agreement with ENCRO into renewable energy sources.

According to Adris, by investing in energy, the Company is able to expand its production portfolio, thus meeting long-term energy needs from renewable sources, thus ensuring the long-term stability and sustainability of its business systems.

On 18 October 2023, Adris grupa and ENCRO signed a joint-venture investment agreement into renewable energy sources. As per the agreement, each company will manage a 50% stake in 4 project companies, which by themselves are developing 6 projects of energy production, including 1 wind farm and 5 solar power plants, with a total connected power capacity of 122.3 MW, or 141.8 MW of installed power capacity. Furthermore, Adris notes that this is a well-balanced green energy production portfolio, which is in line with the Company’s requirements. The earliest energy production from the solar power plants is expected at the end of 2024, while from the wind farm at the beginning of 2025.

Adris further stated that with this investment into renewable energy sources, the Company continues its strong investment cycle, worth more than EUR 500m. This would mean that investments are made into renewable energy systems, which in addition to investing in existing businesses – tourism, insurance, and health food, would allow Adris to satisfy its needs for energy in the long term. Adris further noted that this this decision was influenced by their desire to increase the resilience of the business, in the environment of strong geopolitical instability, and by extension, energy supply and pricing stability. This also allows Adris to comply with the ESG requirements, placing it as one of the leaders of the green transition in the region.

Adris (regular and pref.) share price development (2023 YTD, EUR)

Source: ZSE, InterCapital Research

CROBEX10 2023 performance (2023 YTD, points)

Source: ZSE, InterCapital Research

Category : Flash News

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