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Enlight Renewable Energy has signed an agreement to sell a 44% stake in a partnership holding the Sunlight cluster of Israeli renewable energy projects. The stake will be acquired by Harel Insurance Investments & Financial Services Ltd. and Amitim Senior Pension Funds, who will take 25% and 19% ownership, respectively. Nir Gavish, Head of Investments at Amitim Senior Pension Funds, commented, “The Sunlight transaction is a direct implementation of our strategy to invest in infrastructure assets in Israel, and in particular in renewable energy, with a commitment to delivering optimal returns for our fund members over time. Amitim has a long-standing relationship with Enlight, and we are pleased to deepen our collaboration with this investment.” Gilad Yaavetz, CEO of Enlight, commented, “We are very proud to extend our long-standing partnership with Harel and Amitim, some of Israel’s leading institutional investors, in the innovative field of integrated solar generation and energy storage facilities. The projects generate clean electricity at a competitive price, and the production will be sold by Enlight Enterprise, the Company’s supplier unit, to some of the most prestigious consumers in Israel. “We are proud of the asset value implied by the transaction, which reflects the quality of the projects and energy management system we have developed at Enlight. The transaction highlights the competitive advantage that the Company has in optimizing and establishing attractive funding sources to deliver on our significant growth plan.” The Investors will invest a total of $50 million in cash, with $45 million paid upfront and the remaining $5 million deferred, contingent upon certain conditions outlined in the agreement. The transaction is expected to close in Q1 2025, after which Enlight will no longer consolidate the financial results of the Partnership and will recognize a profit of $94 million. The Sunlight Cluster comprises 69 MW of solar generation and 448 MWh of energy storage capacity, representing 5% of Enlight’s Israeli portfolio and 1% of its total global capacity. As part of the agreement, the Investors will acquire 44% of the Limited Partner rights, while an Enlight subsidiary will continue as the General Partner. The transaction remains subject to approval from the Israeli Competition Authority. |
