Enlight, Migdal to invest €100m in renewable energy

Ashelim power plant

The Eurocom subsidiary has teamed up with Migdal to explore renewable energy investment opportunities abroad.

Enlight Renewable Energy Solutions Ltd. (TASE:ENLT), a subsidiary of Eurocom Group, announced a €100 million joint venture with Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) to invest in the renewable energy market across the globe. Enlight share price climbed rapidly on the TASE after the announcement.

Under the terms of the agreement, the new partnership will be jointly owned by Enlight (51%) and Migdal (49%). The partnership will invest in renewable energy projects outside Israel. The total investment will stand at €100 million, split between the partners according to their stake.

Enlight specializes in initiating, developing, and operating projects that generate electricity from solar and wind power in Israel and Europe. Enlight trades on the TASE based on a valuation of $243 million.

Published by Globes [online], Israel business news - www.globes-online.com - on December 17, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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