Lahav.al.r. company
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which controls Delek Israel and deals in profitable real estate in Europe and Israel and in solar energy in Israel, reports that its subsidiary, Lahav Green Energy, has completed the purchase of 50% of a ground photovoltaic installation connected to the electricity grid, active and profitable, with a total capacity of approximately 19 megawatts in Portugal The total investment in the purchase – about 13 million euros.
The ground photovoltaic installation is connected to the national electricity grid in Portugal with a total power of about 19 megawatts sold on the open market. The average annual NOI is about 3.6 million euros, which represents an annual return of about 13.8% on the investment.
Lahab has an option to purchase the additional 50% within 12 months at a price of 13.6 million euros from the partner, a Portuguese company that operates in the local energy market. Lahav expects to advance and develop in the energy market in Portugal, and aims to develop in other countries in the European market such as Germany, Hungary and Greece.
The company’s strategy is to team up with a local partner that already has a connection to the local electricity grid to reduce the set-up costs. The company aims to enter into long-term contracts linked to the index.
Some of the activities, mainly in Germany and Hungary, are already bringing in when in September it was reported a full purchase transaction of ground photovoltaic installations in Hungary, with a capacity of about 15.8 MW, in exchange for 17.3 million euros fully linked to the index, yielding an average annual NOI of about 1.9 million euros.
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Lahab also has operations in Israel. Last August, Lahav acquired 65% of a company engaged in the collection and removal of waste, operating transfer stations and a landfill.
Lahav, which trades at a value of NIS 890 million, purchased Delek Israel from Yitzhak Tshuva during the Corona crisis. The company split Delek Israel into Delek Energy and Delek Properties, with Delek Properties owning the land of the gas stations and convenience stores and Delek Energy focusing on the well-known gas stations and green energy.
In addition, Lehav has profitable real estate in Germany with a portfolio of approximately 80 commercial centers that serve the local population, usually supermarkets. The company recently reported the purchase of another shopping center in Germany with a total value of 10.7 million euros.
The stock has fallen since the beginning of the year by 42%.
Ado Birnberg, Deputy CEO of the company and responsible for overseas development: “Lehav Green Energy has entered into activity in the field of renewable energy in several European countries in general and in Portugal in particular. After in-depth checks by the management team, we located a local partner with quite a number of projects in the field and this project is the first project. The project is connected to the system, sells electricity for over a year and brings returns high for the company and investors. The partnership with the local developer is strategic and we will work to expand it.”
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