Enlight Renewable Energy announced on January 28, 2025, the signing of an agreement to sell a 44% stake in a partnership holding its Sunlight cluster of Israeli renewable energy projects. Harel Insurance Investments & Financial Services Ltd. and Amitim Senior Pension Funds will acquire 25% and 19% stakes, respectively, for a total investment of $50 million in cash.
Of the total investment, $45 million will be paid upfront, with an additional $5 million in deferred consideration contingent upon the fulfillment of certain conditions. Upon the expected completion of the transaction in the first quarter of 2025, Enlight anticipates recognizing a profit of $94 million.
The Sunlight Cluster comprises operational and pre-construction projects with a combined capacity of 69 MW of solar generation and 448 MWh of energy storage. This transaction represents 5% of Enlight’s total capacity in Israel and 1% of its global portfolio. Following the completion, Enlight will no longer consolidate the financial results of the partnership in its statements, allowing for capital recycling and continued focus on its significant growth plan.
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