NASDAQ listed Enlight Renewable Energy says it has signed the 1st corporate power purchase agreement (PPA) as part of Israel's new market regulation that enables bilateral energy contracts between green energy generators and large energy consumers.
Under the PPA signed with software and services company Amdocs, for 12 years Enlight will supply it power from its solar and storage facilities, cluster 2, that are currently under construction. It will account for 100% of the energy consumption of Amdocs' new innovative campus Amdocs Park, according to Enlight.
According to the renewable energy company, it is currently negotiating for similar PPAs in the country thanks to the new regulation that's encouraging more corporates to move towards cleaner and affordable energy sources for their electricity use.
The company doesn't provide any specifics for the solar and storage cluster 2 projects under the PPA.
"We have entered a new era in Israel of solar generation, storage, and electricity supply through corporate PPAs to large customers. This revolution has occurred thanks to the de-regulation process of the Israeli Electricity Authority," said Enlight's Co-Founder and CEO Gilad Yavetz.
Enlight counts its mature projects pipeline to have 4.5 GW generation capacity and 3.5 GWh energy storage, in addition to 4.1 GW generation capacity and 9.6 GW storage under advanced development portfolio. "Behind the advanced development portfolio, we have a large pipeline of Development projects totaling 11.9 GW of generation capacity and 12.4 GWh of energy storage capacity projects," it adds.
Israel Land Authority recently announced a tender to award 28,000 acres on lease to develop solar energy installations in the Negev Desert (see Land Available In Israel For Solar).
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