Renewable Energy Company Trollite Reported that it had signed the memoranda of understanding (subject to due diligence and the signing of a binding agreement) with tower , According to which the insurance company will invest up to NIS 460 million in the solar projects promoted by the company – Tenach 1 in the north of the country and Dunmore in Canada.
As part of the memorandum of understanding, Migdal is expected to invest up to NIS 270 million in two phases in exchange for 49% of the Tanach 1 solar project promoted by the company. Tralight will hold the remaining 51%, will serve as the overall partner in the project and as the construction and operations contractor. This is a project of 156 megawatts, whose expected connection date in the second half of 2023. The expected annual revenues in the project are NIS 53 million. This is the first phase of a ten-year project that is expected to reach a capacity of about 250 megawatts.
In addition, Migdal is expected to invest up to NIS 190 million in a solar project promoted by the company in Canada. In accordance with the Memorandum of Understanding, the parties will work to establish a partnership that will hold 75% of the rights in the Dunmore project, with Migdal holding 49% of the rights in the partnership and Tralite the remaining 51%. The Danmore Project is a 258-megawatt solar project in the Alberta region – the province with the highest radiation data in Canada. The remaining 25% of the project is held by an international group in the field of energy.
Tralight shares are trading up 2% in response to the report. The company, whose market value is about NIS 554 million, has lost over 35% since joining the Tel Aviv Stock Exchange last September. Before that it was the renewable energy arm of Menora Mivtachim. Following its issuance, its shares were distributed as a dividend in testimony to shareholders blamp .
Rani Lifshitz, CEO of Tralite, said in the company’s announcement that the combination of forces with Migdal is in line with our expansion strategy in Israel and abroad. Of our activities. “