Harel and Amitim to Acquire 44% of a Partnership Holding a Cluster of Enlight Projects Comprising 69 MW Solar Generation and 448 MWh of Energy Storage Capacity
Enlight Renewable Energy (NASDAQ: ENLT) has signed an agreement to sell 44% of a partnership holding the Sunlight cluster of Israeli renewable energy projects to Harel Insurance and Amitim Senior Pension Funds for $50 million. The transaction values the entire cluster at $114 million, comprising $102 million base and $12 million in deferred consideration.
The Sunlight Cluster includes 69 MW of solar generation and 448 MWh of energy storage capacity, representing 5% of Enlight's Israeli portfolio and 1% of its global portfolio. Upon completion in Q1 2025, Enlight will recognize a $94 million profit and cease consolidating the Partnership's financial results.
Key arrangements include Enlight's exclusive 20-year electricity purchase agreement, commitments for future project investments, and specified holding requirements. The transaction requires Israeli Competition Authority approval.
Enlight Renewable Energy (NASDAQ: ENLT) ha firmato un accordo per vendere il 44% di una partecipazione nel gruppo Sunlight di progetti di energia rinnovabile in Israele a Harel Insurance e Amitim Senior Pension Funds per 50 milioni di dollari. L'operazione valuta l'intero gruppo a 114 milioni di dollari, comprendente 102 milioni di dollari di base e 12 milioni di dollari in compensi differiti.
Il Gruppo Sunlight include 69 MW di generazione solare e 448 MWh di capacità di stoccaggio energetico, rappresentando il 5% del portafoglio israeliano di Enlight e l'1% del suo portafoglio globale. Al termine dell'operazione nel primo trimestre del 2025, Enlight riconoscerà un profitto di 94 milioni di dollari e non consoliderà più i risultati finanziari della Partnership.
Tra gli accordi principali ci sono il contratto di acquisto di elettricità esclusivo di 20 anni di Enlight, impegni per futuri investimenti nei progetti e requisiti di detenzione specificati. L'operazione richiede l'approvazione dell'Autorità per la Concorrenza di Israele.
Enlight Renewable Energy (NASDAQ: ENLT) ha firmado un acuerdo para vender el 44% de una participación en el grupo Sunlight de proyectos de energía renovable en Israel a Harel Insurance y Amitim Senior Pension Funds por 50 millones de dólares. La transacción valora todo el grupo en 114 millones de dólares, incluyendo 102 millones de dólares como base y 12 millones de dólares en compensación diferida.
El Grupo Sunlight incluye 69 MW de generación solar y 448 MWh de capacidad de almacenamiento de energía, representando el 5% de la cartera israelí de Enlight y el 1% de su cartera global. Al completarse en el primer trimestre de 2025, Enlight reconocerá una ganancia de 94 millones de dólares y dejará de consolidar los resultados financieros de la Asociación.
Los acuerdos clave incluyen el contrato de compra de electricidad exclusivo de 20 años de Enlight, compromisos para futuras inversiones en proyectos y requisitos de tenencia específicos. La transacción requiere la aprobación de la Autoridad de Competencia de Israel.
Enlight Renewable Energy (NASDAQ: ENLT)는 이스라엘의 재생 에너지 프로젝트인 Sunlight 클러스터의 파트너십 지분 44%를 Harel Insurance 및 Amitim Senior Pension Funds에 5천만 달러에 판매하는 계약을 체결했습니다. 이번 거래로 전체 클러스터의 가치는 1억 1천4백만 달러로, 1억 2천만 달러는 기본 비용이고 1천2백만 달러는 유예 보상입니다.
Sunlight 클러스터는 69 MW의 태양광 발전과 448 MWh의 에너지 저장 용량을 포함하고 있으며, Enlight의 이스라엘 포트폴리오의 5% 및 글로벌 포트폴리오의 1%를 차지합니다. 2025년 1분기 완료 시, Enlight는 9천4백만 달러의 수익을 인식하고 파트너십의 재무 결과를 더 이상 통합하지 않습니다.
주요 계약에는 Enlight의 독점 20년 전력 구매 계약, 향후 프로젝트 투자를 위한 약속 및 특정 보유 요건이 포함됩니다. 이 거래는 이스라엘 경쟁 당국의 승인을 필요로 합니다.
Enlight Renewable Energy (NASDAQ: ENLT) a signé un accord pour vendre 44% d'une participation dans le cluster Sunlight de projets d'énergie renouvelable israéliens à Harel Insurance et Amitim Senior Pension Funds pour 50 millions de dollars. La transaction valorise l'ensemble du cluster à 114 millions de dollars, comprenant 102 millions de dollars de base et 12 millions de dollars de compensation différée.
Le cluster Sunlight comprend 69 MW de production solaire et 448 MWh de capacité de stockage d'énergie, représentant 5% du portefeuille israélien d'Enlight et 1% de son portefeuille mondial. À l'achèvement au premier trimestre de 2025, Enlight reconnaîtra un bénéfice de 94 millions de dollars et cessera de consolider les résultats financiers du partenariat.
Les principaux arrangements comprennent le contrat d'achat d'électricité exclusif de 20 ans d'Enlight, des engagements pour des investissements futurs dans des projets et des exigences de détention spécifiées. La transaction nécessite l'approbation de l'Autorité de la concurrence israélienne.
Enlight Renewable Energy (NASDAQ: ENLT) hat einen Vertrag unterzeichnet, um 44% an einer Partnerschaft, die den Sunlight-Cluster israelischer erneuerbarer Energieprojekte hält, für 50 Millionen Dollar an Harel Insurance und Amitim Senior Pension Funds zu verkaufen. Die Transaktion bewertet den gesamten Cluster mit 114 Millionen Dollar, einschließlich 102 Millionen Dollar Basis und 12 Millionen Dollar aufgeschobener Vergütung.
Der Sunlight-Cluster umfasst 69 MW Solarenergieerzeugung und 448 MWh Energiespeicherkapazität, was 5% des israelischen Portfolios von Enlight und 1% seines globalen Portfolios entspricht. Nach Abschluss im ersten Quartal 2025 wird Enlight einen Gewinn von 94 Millionen Dollar verbuchen und die finanziellen Ergebnisse der Partnerschaft nicht mehr konsolidieren.
Zu den wichtigsten Vereinbarungen gehören der exklusive 20-jährige Stromliefervertrag von Enlight, Verpflichtungen für zukünftige Projektinvestitionen und spezifische Halteanforderungen. Die Transaktion bedarf der Genehmigung durch die israelische Wettbewerbsbehörde.
- Transaction values cluster at $114 million, generating $94 million profit
- Secures 20-year electricity purchase agreement
- Partnership with major institutional investors strengthens financial position
- Maintains operational control through General Partner position
- Reduces direct ownership of revenue-generating assets
- Investors have right to force sale of 50% of General Partner stake
- Divestment of 5% of Israeli portfolio capacity
Insights
This strategic transaction marks a significant milestone for Enlight Renewable Energy, demonstrating sophisticated financial engineering and value creation. The deal structure reveals several key insights:
The
The commercial arrangements are particularly noteworthy:
- The 20-year electricity purchase agreement secures long-term revenue streams
- The structured partnership allows Enlight to maintain operational control while freeing up capital
- The involvement of major institutional investors (Harel and Amitim) validates the asset quality and business model
The transaction's broader implications are substantial:
- Demonstrates Enlight's ability to attract institutional capital, important for scaling renewable infrastructure
- Establishes a valuation benchmark for similar assets in the renewable energy sector
- Creates a replicable model for future asset monetization while maintaining strategic control
The deal structure, combining upfront payment with deferred consideration tied to performance metrics, aligns stakeholder interests and provides additional upside potential. This transaction template could become increasingly valuable as Enlight continues to develop its 19.2 GW generation and 31.8 GWh storage portfolio.
The technical configuration of this asset cluster reveals sophisticated energy infrastructure planning. The 448 MWh storage capacity paired with 69 MW of solar generation represents a storage-to-generation ratio of approximately 6.5:1, enabling advanced grid services and revenue optimization capabilities.
This substantial storage component offers multiple strategic advantages:
- Enhanced grid stability services and ancillary revenue opportunities
- Ability to shift solar production to peak demand periods, maximizing value
- Reduced curtailment risk and improved capacity utilization
- Competitive positioning in Israel's evolving energy market
The scale of these integrated facilities positions them as significant grid assets in Israel's energy transition. The 20-year availability agreement structure suggests confidence in the long-term technical viability and market competitiveness of these assets, while the management arrangements ensure operational excellence through Enlight's continued involvement.
The transaction is based on a valuation of
Enlight will recognize a profit of
The partnership provides Harel and Amitim exposure to renewable energy infrastructure, with the potential for high returns and financial strength over time, while diversifying their investment portfolios and reinforcing their commitment to positive impacts on the Israeli economy and environment
TEL AVIV, Israel, Jan. 28, 2025 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (“Enlight”, or the “Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading renewable energy platform, announces the signing of an agreement to sell
The Investors will purchase
The Sunlight Cluster consists of operational and pre-construction projects totaling 69 MW of solar generation and 448 MWh of energy storage capacity, and accounts for
In conjunction with the Sale Agreement, the parties have entered into a number of additional commercial arrangements:
| 1. The parties commit to future investments in projects under construction. |
| 2. The Company will have the exclusive right to purchase all the electricity produced by the Cluster under a 20-year availability agreement whose commercial terms were set between the parties. |
| 3. The Company's commitment to the duration and minimal level of holdings in the Limited Partnership. |
| 4. The right of the Investors to mandate the sale of |
More financial information regarding the Sale Agreement can be found here.
The Herzog Fox & Neeman law firm and the Giza Singer Even consulting firm advised the Company on the transaction. The Piron law firm advised both Harel and Amitim, and the Escola consulting firm advised Amitim on the transaction.
1 Amounts in U.S. dollars are calculated based on a U.S. dollar to Israeli Shekel conversion rate of 1 to 3.71, as reported in the Company’s financial statements for the period ending September 30, 2024.
2 Enlight’s global projects consist of 19.2 GW of generation and 31.8 GWh of energy storage capacity, located in Israel, Europe, and the United States, and allocated into Mature, Advanced Development, and Development portfolios.
Itzik Tawill, Deputy Director of the Investment Department and Director of the credit and real estate division at Harel, commented, “Harel selects its investments with thoroughness and professionalism, and is proud to continue investing in green energy and infrastructure in Israel. Our cooperation with leading companies such as Enlight diversify our investment portfolio in a stable sector, providing our fund members with attractive and long-term financial performance along with a positive environmental impact.”
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.”
About Enlight Renewable Energy
Founded in 2008, Enlight is a global leader in initiating, developing, financing, setting up and operating renewable energy projects on a global scale. Enlight operates across the three largest renewable energy sectors today: solar, wind and energy storage. As a global company, Enlight operates in the United States, Israel and 9 countries throughout Europe. Enlight is currently a dual public company, with no controlling interest, that has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT).TA) and the U.S. Nasdaq Stock Exchange where it was successfully issued in 2023 (NASDAQ: ENLT).
About Harel
Harel Insurance Investments & Financial Services Ltd is the largest insurance and finance group in Israel, operating in a variety of insurance, asset management and credit fields, with 90 years of experience. Assets under management amounted to approximately ILS 490 billion and premiums amounted to approximately NIS 31.2 billion in the first nine months of 2024. The transaction was led on behalf of Harel by Itzik Taweel, director of the credit and real estate division, and Inesa Laron, manager of the project and infrastructure financing department.
About Amitim Senior Pension Funds
Amitim Senior Pension Funds, managed by Ephi Senderov, is one of the largest institutional investors in Israel, managing approximately ILS 350 billion of assets in Israel and abroad through a variety of investment strategies. The transaction was led on behalf of Amitim by Ziv Frenkel, head of the credit division, and Roni Horvitz, credit manager. In recent years, Amitim's credit division has led and participated in transactions worth billions of Shekels in the infrastructure sector in general and in the energy sector in particular.
Investor Contact
Yonah Weisz
Director IR
investors@enlightenergy.co.il
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.co.il
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) and our other documents filed with or furnished to the SEC.
These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
FAQ
What is the value of Enlight's (ENLT) Sunlight cluster sale to Harel and Amitim?
How much profit will Enlight (ENLT) recognize from the Sunlight cluster sale?
What is the capacity of the Sunlight cluster projects being partially sold by ENLT?
When will Enlight's (ENLT) Sunlight cluster sale transaction close?
What percentage of Enlight's (ENLT) total portfolio does the Sunlight cluster represent?
