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Enlight and Electra Power announce joint venture for clean energy supply in Israel

Published Sep 06, 2023 09:56
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Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT.TA) and Electra Power (TASE: ELCP.TA) have executed a memorandum of understanding (MOU) to form a joint venture that will supply clean energy to residential consumers and small businesses in Israel, as announced on Wednesday.

Electra Power, a leading player in the Israeli residential gas market, has been spearheading the initial commercial launch of electricity supply to households since early 2023. The company's marketing, distribution, and customer service infrastructure serves approximately 400,000 residential and commercial customers across the country. Enlight Renewable Energy, a leading Israeli renewable energy producer with a strong local and global presence across solar, wind and battery energy storage projects, will bring its expertise to the partnership.

The Israeli electricity market is set to open to competition in January 2024, allowing independent suppliers and distributors of energy to compete for the first time with the incumbent Israeli Electricity Company. The forthcoming liberalization of the market presents an opportunity for Electra Power and Enlight to leverage their competitive advantages in the Israeli market and establish themselves as leading suppliers of clean energy to residential customers.

The MOU stipulates that Electra Power will hold a 65% stake in the joint venture, with Enlight owning the remaining 35%. The joint venture will be jointly managed by both companies. Enlight also has the option to increase its ownership by an additional 5%, contingent upon achieving certain future investment objectives. Both parties have committed to a minimum of renewable energy generation volume that each will contribute to marketing to the JV's clients. The establishment of this partnership is subject to completion of definitive agreements and regulatory approval from the Israel Competition Authority.

Chen Melamed, CEO of Electra Power, described the signing of this MOU as a significant milestone in their journey to supply clean energy to residential consumers in Israel. Gilad Yavetz, CEO of Enlight, emphasized that this move empowers Israeli households to access cheaper and greenhouse gas-free electricity and marks a new era of competition with the Israel Electricity Company.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Enlight and Electra Power announce joint venture for clean energy supply in Israel
 

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