Renewable Energy Company
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It reports that its American subsidiary Clenera has obtained the full approvals for the start of the construction of the Coggon Solar project to generate electricity with photovoltaic solar technology with a capacity of about 120MWdc in the state of Iowa in the USA.
The company estimates that the investment cost in the project is about $ 125-135 million and according to its projected production capacity, the electricity receipts are expected to amount during the PPA period to about $ 7-6 million per year on average and then about $ 11-18 million. Per year on average for the period of sale in the Merchant market.
Clenera currently holds 100% of the economic rights in the project. The company is promoting an outline for project financing for the project in the amount of approximately 75% -80% of the total investment cost while potentially using a tax equity (tax equity) and is in negotiations with a number of financing bodies for this purpose.
The project will generate clean electricity for about 19,000 households, and save CO2 emissions of about 150,000 thousand tons each year.
Enlight Renewable Energy, established in 2008, traded on the Tel Aviv 125 Index, and held by 98% of the public, is one of the leaders in Israel in initiating, developing, financing, establishing and operating projects to produce clean electricity from renewable energy sources. The company operates in Israel and Europe , Enjoys a diverse portfolio of income-producing projects, under construction and prior to construction with a production capacity of approximately 2,300 megawatts, and an additional 14,700 megawatts at various stages of development. And other segments in the field of clean energy.
The building permit for the project was approved this week. Following this, the Coggon Solar project completed the development process and obtained the full approvals and permits for its inception, including building permits, an interconnection agreement and an agreement to sell the full electricity generated in the project for a period of 20 years at a fixed price. According to the company’s assessment, the equipment purchased for the project and subsequently the start of construction work will begin in the near future and its commercial operation is expected in the second half of 2023, subject to the progress of the work in the field.
The company expects that the operating period of the project will be about 35 years, during the first 20 years the electricity will be sold under the PPA agreement as stated above, and in the next 15 years, the electricity will be sold under market conditions (Merchant market).
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