Insurance Tower (Magma Images Photo)
membership EDF Renewables Israel and Migdal Insurance Company announce the signing of a partnership agreement, under which Migdal will invest in seven solar energy projects in Israel, developed and established by EDF Renewables Israel and are owned by it. The facilities, with a total capacity of about 200 megawatts, are connected to the electricity grid and are in the operating phase.
Under the agreement, Migdal will acquire minority rights in the following seven projects: Timna (60.0 megawatts), Field Resources (60.0), Ashalim (35.0), Shoresh (27.1), Gvulot (9.4), Nahal Oz (7.0) and Lahav (3.6). The volume of holdings sold to the tower in projects ranges from 19-49 percent in each project, and depending on Migdal’s share in the partnership reflects a total holding of about 90 megawatts.
Under the agreement, a company will continue EDF Renewables Israel holds control of projects (at least 51%), in accordance with its policy of controlling the projects in which it is involved, and the exclusive authority to manage the partnership and carry out the necessary actions for project management, including the administrative and technical aspects to ensure a high performance threshold. It should be noted that the completion of the transaction is subject to the receipt of approvals from the various regulators and approvals from third parties.
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Elon Venish, CEO of the company EDF- Renewables Israel, said it welcomes the expansion of cooperation with Migdal, which has previously invested in a number of other projects of the company. Vanish noted that “Migdal’s investment in the company’s current projects further strengthens the company’s reputation and success in Israel and our belief in the Israeli economy and the existing economic potential in the country in the field of green energy.”
He added that “the company intends to continue to expand its activities in Israel in the near future, including solar projects in the ground, roofs and floating facilities on the water, as well as in the field of wind, storage (storageAnd the sale of green electricity to private customers. “
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Sagi Yogev, CEO of Migdal Insurance, said: “The investment in EDF-Renewables Is a significant and central pillar in the promotion of the company’s policy in the field of ESGAs part of this, we aim to invest more than NIS 3 billion a year in investments Net Positive Thus combining valuable environmental aspects on the one hand and high and stable returns for Migdal colleagues on the other. ”
Erez Migdali, Director of the Investment Division at Migdal Insurance: “Migdal Insurance continues to establish its status as the leading institutional body in Israel in investing in projects and companies of renewable energy.EDF-Renewables “Israel has significant and extensive activity of facilities for the production of clean electricity, and we are happy for the opportunity to invest in the company and its projects with the aim of continuing to promote the development of the field of renewable energies in Israel.”
EDF- Renewables Israel is a subsidiary of a company EDF Renewables Which is one of the world’s leading companies in the field of renewable energies. The company operates around the world about 17.1 gigawatts of clean electricity, mostly wind (land and sea) as well as solar energy.
EDF- Renewables Israel began operating in Israel in 2009 for the purpose of developing, constructing and operating facilities for the production of electricity on a significant scale using solar and wind energy. The company currently has 23 terrestrial solar projects throughout the country with a total installed capacity of approximately 424 megawatts. The company is currently building ten additional solar projects with a capacity of 143 megawatts and is in the development stages of more than 1,000 megawatts in projects in the field of solar, wind and electricity storage.
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