YAKUM, Israel, Dec. 29, 2020 /PRNewswire/ -- Augwind (TASE: AUGN) today announces that it has signed an MOU with EDF Renewables Israel Ltd., a subsidiary of the global EDF conglomerate. Under the terms of the agreement, Augwind and EDF will work together to build and operate a 5 MW photovoltaic power plant integrated with a 20 MWh Augwind's storage system - AirBattery. The project will be built as a pioneering facility with a secured PPA from the government's owned electricity company (IEC) for 23 years.
Or Yogev, CEO and Founder of Augwind, said:
"Augwind aims for global expansion and a significant presence in the storage market through its groundbreaking technology. The agreement we are signing today is an expression of confidence by one of the world's largest market leaders in energy and is yet another keystone in Augwind's strategic plan for global expansion and for becoming a leading supplier in the energy storage market worldwide.
"Within a matter of weeks, Augwind has expanded its circle of partners for installation of the AirBattery energy storage system and is poised to continue the momentum of development into 2021.
"The MOU we have signed is significant milestone both at the global and the local levels – EDF Renewables Israel is a major leader in development and operation of renewable energy assets in the local market since its early days a decade ago. The company own hundreds megawatts of operating solar plants and develops dozens of additional projects the be built in the coming years."
EDF Renewables Israel is a subsidiary of the global EDF conglomerate, the third largest electricity company in the world, with extensive global activity in energy in general, and renewable energy in particular.
Augwind and EDF have agreed to hold the project in equal shares, with EDF being responsible for first securing the land of the project and later for the construction and operation of the photovoltaic facility. Augwind will act as the storage supplier and lead all aspects of engineering, construction, operation and maintenance of the system.
Augwind estimates that the pioneering facility will be completed within 12-24 months from the date the conditions precedent are met.
EDF Group is a French multinational government-held company, headquartered in Paris. EDF is the third largest electricity producer in the world. The company specializes in initiating a variety of energy projects from conventional and renewable sources, including energy generation, distribution, planning, construction and trading.
In 2019, the company reported revenues of €71.3 billion. The French conglomerate operates a diverse portfolio of more than 137 gigawatts of power generation plants and active on five continents.
EDF Renewables Israel is a subsidiary of EDF Renouvelables, which has been active in Israel since 2010 and own about 320 MW of renewable energy assets.