- Solegreen has entered a MoU with Senergy to acquire the latter 100%, for ILS 50 million
- It brings to Solegreen around 850 MW of operational, under construction and under planning assets
- Solegreen sees the transaction as expanding its geographical footprint while supporting accelerated growth plan
Israel based renewable energy company Solegreen Ltd is acquiring local solar energy developer Senergy Renewable Energy Ltd for ILS 50 million ($15.37 million) in a move to expand its role as a leading green energy company with significant experience in solar.
A publicly listed company, Solegreen is engaged in the development, construction and operation of renewable energy facilities, whereas Senergy constructs, operates and maintains ground mounted, rooftop solar, floating solar, carports etc. Senergy is also getting into wind, energy storage and biogas.
Once the memorandum of understanding (MoU) is realized, it will lead to the creation of an ILS 1.3 billion ($399 million) entity with a pipeline of more than 5.2 GW portfolio, said Solegreen that sees itself expanding geographically to within Israel, the US and Europe.
The deal will bring to Solegreen’s portfolio around 850 MW of solar energy capacity as 15 MW of operational projects, 180 MW under construction and ready to enter construction, along with 655 MW at the licensing stage.
“In addition to this, the completion of the transaction will provide the company with significant depth and capabilities in all disciplines in order to support an accelerated growth plan, while maximizing size advantages that will allow, among other things, reducing capital prices, diversifying funding sources, saving purchasing costs, etc.,” stated Solegreen’s CEO TomShfran and Deputy CEO & CFO Guy Lieberman.
In April 2021, Solegreen invested in US distributed generation solar installer Kuubix to expand its presence in the US (see North America PV Snippets: NIPSCO, Kuubix, SEIA, Mosaic).
