Zafrir Yoeli, SVP Business Development: “This is another expansion of our portfolio of projects in Spain, which already includes the largest wind farm in Spain which is at an advanced stage of construction (Gecama), as well as another 800MWdc in development. The new portfolio, which has already obtained the rights to connect to the national electricity grid, will add significant solar power in areas with high radiation and will diversify our production sources in the Iberian region “

TEL AVIV, Israel, August 3, 2021 / PRNewswire / – Enlight Renewable Energy (TASE: ENLT) has announced that it has signed an agreement to acquire a portfolio of multi-stage, solar PV energy projects currently under development in Spain, with a potential total capacity of around 490 MWdc.

The portfolio is made up of ten projects in two regions, Andalusia and Valence, which have some of the best radiations in Spain, and completes the localization of projects that the company builds and develops in Spain, currently in the region of Castilla La Mancha. The projects are held by ad hoc companies, which at this stage hold most of the rights on the ground for the construction of the projects and the authorizations for connection to the electricity network.

The seller is a subsidiary of the private investment fund Cerberus Capital Management LP, the development of the projects being carried out by one of the spain main solar development companies, Renovalia Energy Group SLU, under the existing development agreement with it.

The consideration will be paid according to milestones based on the development of the projects, with the bulk of the consideration being paid upon completion of the development and after obtaining all construction permits for the projects. The first milestone concerns an amount that is not significant for the company and includes a guarantee for most of the rights on the land and the rights to connect to the network. The average consideration upon completion of development is expected to be 85,000 euros-100,000 per MWdc, depending on the materialization of the various parameters of the various projects.

According to the agreements between the parties, the seller will continue to bear the development costs and the grid connection guarantees after development, then the company will provide the grid connection guarantees and reimburse the seller for specific expenses only, such as as field costs and connection costs, and only for projects whose development has been successfully completed. In addition, if the development of a specific project is not completed, the consideration paid for it will be deducted from the consideration payable for other projects.

Note that the Spanish government recently increased its renewable energy production targets to around 74% of total energy consumption by 2030, with most to come from solar power, with an estimated additional capacity of 37,000. MW of solar energy.

The company estimates that the portfolio projects that come to fruition will do so gradually, in whole or in part, over a two-year period.

Enlight Renewable Energy, created in 2008, is listed on the Tel Aviv 125 Index is 98% owned by the public. It is one of the Israeli leaders in the launch, development, financing, construction and operation of companies producing green energy from renewable energy sources. The company operates in Israel and Europe, with a diverse portfolio of income-producing, under construction and pre-construction projects, with generation capacity of 2,000 MW and an additional 2,800 MW at various stages of development. The company benefits from a steadily growing backlog from long-term agreements for the sale of electricity and is also working to expand its presence in other clean energy markets and segments.

Cerberus, founded in 1992, is a world leader in alternative investment with more than $ 55 billion in assets through complementary credit, private equity and real estate strategies. Cerberus invests across the entire capital structure where its integrated investment platforms and proprietary operating capabilities create an advantage to improve performance and generate long-term value. permanent teams have experience working collaboratively across asset classes, sectors and geographies to seek strong risk-adjusted returns.

For more information :

Orli Kasuto Madmon
Scherf Communications

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SOURCE Enlight Renewable Energy