One month after signing the deal, Enlight has achieved all required regulatory approvals and has completed the acquisition of 90.1% of the holdings in Clēnera LLC
Gilad Yavetz, CEO of Enlight, says "We are very proud to complete Clēnera's acquisition according to the planned schedule and to quickly achieve all required regulatory approvals. We believe that the combination of the core capabilities, the experience, the track record and the portfolio of both companies, will generate a leading global renewable energy entity"
TEL AVIV, Israel, Aug. 3, 2021 /PRNewswire/ -- Enlight Renewable Energy (TASE: ENLT) announced that it has completed the acquisition of 90.1% of the holdings in Clēnera LLC, a leading and seasoned company in the field of initiation, development, construction and operation of solar energy and energy storage projects in the United States.
Clēnera is promoting a substantial development portfolio over a wide geographical area, across 20 states in the United States, with expertise and first-mover advantage in markets with significant growth potential in the United States' Midwest and in other Eastern states. The development backlog included in the transaction comprises of approximately 50 large-scale solar projects in various stages of development with a capacity of 12 GWdc, including projects that combine energy storage of 5.5 GWh.
The acquisition consideration is comprised of initial payments of US$ 158 million and performance-based installments of up to US$ 232 million, payable until 2025, depending on the percentage of completion of the projects.
The completion of the transaction significantly expands Enlight's portfolio to 16.8 GWdc and 7.5 GWh energy storage.
Enlight Renewable Energy, established in 2008, is traded on the Tel Aviv 125 Index is 98% publicly held. It is one of the Israeli leaders in initiation, development, financing, construction and operation of ventures for generation of green energy from renewable energy sources. The company operates in Israel and Europe, with a diversified portfolio of income-producing projects, projects under construction and pre-construction, with production capacity of 2,000 MW and additional 2,800 MW in various stages of development. The company enjoys a steadily growing revenue backlog from long-term agreements for the sale of power and is also working to expand its footprint in additional clean energy markets and segments.
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Orli Kasuto Madmon