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Solgrin and Menora Mivtachim invest in renewable energy in Europe - Walla! Of money

2021-10-24T08:53:48.581Z

Solgrin and Menora Mivtachim have signed a memorandum of understanding to establish a partnership that intends to invest up to 160 million euros in renewable energy in European countries



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Solgrin and Menora Mivtachim invest in renewable energy in Europe

Solgarin, which operates in the field of renewable energies and is held by 50.53% by Generation Capital, reports today that it has signed with Menora Mivtachim a memorandum of understanding to establish a partnership that intends to invest in projects in the field of renewable energies in the total amount of 160 million euros.

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  • energy

  • renewable energy

  • Menorah Insurers

  • Europe

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Sunday, 24 October 2021, 10:45 Updated: 11:45

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The field of renewable energy has recently received a great deal of attention, with announcements about investments and ventures in the field, which are gaining sympathy both among institutional bodies and among the public who invest in "green" stocks in the hope that they will be literally green.



The new announcement in the field of renewable energy comes from Solgreen, which reports the signing of a memorandum of understanding on the way to a partnership with Menora Mivtachim.



Solgarin currently operates in Israel, the United States, Italy and Greece and will now work in partnership with Menora Mivtachim to finance and significantly expand its business in Europe.

The two will form a partnership that will invest in projects in Italy, Greece and other OECD policies on the continent.

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An investment of about 160 million euros

The partnership intends to invest in renewable energy projects in the fields of solar, wind and storage in European countries, in accordance with the allocation set out in the Memorandum of Understanding, and, subject to the consent of all limited partners, the partnership can make investments (up to 10% of partner investments).



Investments will be made in projects that meet defined criteria set out in the Memorandum of Understanding, including in relation to maximum investment volumes and minimum return. A detailed partnership agreement, if and to the extent that it is signed, is expected to be signed within 60 days from the date of signing the Memorandum of Understanding.



The partnership will be maintained by Solgrin and Menora Mivtachim, as well as by the general partner which will be a privately owned company of Solgrin. The parties have committed to a total investment of approximately € 160 million, with € 60 million to be partnered by Menora Mivtachim, and the balance, totaling € 100 million, to be provided by Solgrin. These investments will serve as equity for the projects.



The general partner will provide various services, including initiation, management, supervision and control services, to the partnership's projects, and will be entitled to management fees and success fees at the rates and conditions set out in the memorandum of understanding between the parties, which will allow excess returns beyond project returns.

The Menora Mivtachim Group's investment is mainly through members' funds and the group's insured.

More renewable energy in Europe at the expense of polluting energy (Photo: ShutterStock)

"Power multiplier for the company's activities"

Gal Bogin, Chairman of Solgreen: "We welcome the promotion of a partnership with a quality body with capabilities and experience such as Menora Mivtachim and see this as a multiplier of strength and an expression of confidence in the development of our renewable energy activities in Europe, along with diversifying the company's funding sources.

The joint activity will enable the rapid realization of the company's investment and expansion plan, in accordance with the company's strategy to expand its activities while focusing on emerging geographic markets. "

Tom Shafran and Gal Bogin (Photo: Eyal Toag)

Renewable energy instead of polluting energy

Tom Shafran, CEO of Solgarin:

"The field of renewable energy in Europe, as in the rest of the world, is growing significantly, partly due to the climate crisis, with many countries on the continent setting aggressive targets for increasing the use of renewable energy at the expense of polluting energies.

We are currently promoting a substantial accumulation of projects of more than 1 gigawatt in the markets in which the company operates and we intend to work intensively to realize the great potential that exists in this context. "

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Source: walla

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