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 owned by it. The facilities have a total capacity of 200 megawatts, are connected to the electricity grid and are in operation .
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, EDF Renewables Israel will continue to control the 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 projects, including the administrative and technical aspects.
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.