The Noy Fund is negotiating the purchase of Afcon Wind Energy for NIS 60 million. Afcon Holdings, controlled by the family of the late Shlomo Shmeltzer, reported the advanced talks over the sale of its 51% stake for NIS 50 million (including the repayment of NIS 40 million in owner loans) to the TASE on Wednesday.
Meanwhile, Dr. Eli Ben-Dov will sell his 49% stake in Afcon Wind Energy for NIS 10 million. When the deal is signed, it will be include several conditions, including the complete acquisition of shares, a permanent license, and approval for the project. The company currently has projects for turbine construction to generate 21.3 megawatt of electricity at Kibbutz Ma’ale Gilboa and Kibbutz Degania.
In the past, Afcon secured NIS 200 million for the construction of two wind farms at Gilboa and Degania. Bank Hapoalim accounted for a NIS 160 million loan, with the additional NIS 40 million being loaned from Afcon Holdings. The Degania plant will host 11 turbines generating 9.35 megawatts; the Gilboa field will have 14 turbines supplying 11.9 megawatts of electricity.
Afcon, which specializes in the manufacturing and installation of electrical equipment, trades at a valuation of more than half a billion shekels. The Noy Fund is one of the largest players in the renewable energy sector; this project will join its series of renewable energy holdings from a variety of sources, including solar, wind, and waste.
The venture was founded in 2011 by Pini Cohen, Ran Shelach, and Gil-Ad Boshwtiz; it has managed NIS 4.5 billion since its founding. Among the fund’s notable investors are Bank Hapoalim, Migdal, Phoenix, and Menora.
Published by Globes [online], Israel business news - www.globes-online.com - on December 17, 2015
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