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Solgreen
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which engages in the initiation and operation of electricity generation projects from solar energy, won two tenders published by the Israel Land Authority (RMI), for the lease of land with a total scope of approximately 2,800 dunams (1,400 dunams in each of the tenders) in the area of the Navot Hovav council and in the Galilee area near Ramat Beka, For the purpose of planning, construction and operation of projects for the production of electricity using photovoltaic technology which are expected to reach readiness for construction (RTB) during the year 2026.
The company estimates that the construction cost of each project is expected to amount to up to NIS 820 million and upon completion, each of the projects is expected to yield an annual EBITDA of up to NIS 200 million.
Solgreen states that the company’s offer of 1.053 billion shekels reflects its estimates of the ability to establish photovoltaic projects with an installed capacity of up to 520 megawatts, plus a storage capacity of up to 940 megawatt hours, and this in consideration of the unique location of the land in Ramat Hovav, which is designated Engineering facilities in the areas of the Naot Hovav local council and adjacent to an existing ground photovoltaic facility at higher voltage, and to the location of the land in Ramat Beka, which is designated as building and development restrictions in the Galilee area.
In the company’s estimation, the electricity produced in the project will be sold through a virtual electricity supplier as part of the “market model” series, which in the company’s estimation is also expected to be applied in relation to production sites connected to the high voltage transmission network.
In accordance with the terms of the tender, within three months of the winning date, Rami and Solgreen will sign an authorization contract for the planning of the project, for a period of up to 4 years, subject to the payment of 20% of the amount of the offer, where upon the approval of a new outline plan, a lease agreement will be signed with the company for a period of 24 years and 11 months for the purpose of establishing and operating the facility, subject to payment of the remaining amount of the offer (80%).
Eldad Persher, chairman of Solgreen: “This is a win of strategic importance for the company. This win is another milestone in the realization of the company’s strategic plan to establish its position as a leading manufacturer and supplier of green electricity in Israel, and joins another significant win of the company within the framework of competitive procedure number 2 in which Solgreen promotes the establishment of a backlog of photo projects “Ground volts combined with storage capacity with a total installed capacity of about 210 megawatts and about 440 megawatts per hour of storage.”
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