Renewable energy: the revolution of Enlight and NewMed Energy
Enlight and NewMed Energy are teaming up to establish a revolutionary venture to promote renewable energy projects in North Africa and the Middle East.
Yossi Abu: "Just as we brought the gas revolution to the countries of the region, so we will strive to bring the revolution in the field of renewable energies"
Monday, August 15, 2022, 09:15 Updated: 09:47
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Yossi Abu, CEO of NewMed Energy (Photo: Shlomi Yosef)
Enlight Renewable Energy and NewMed Energy reported that they signed memorandums of understanding for exclusive cooperation for the initiation, development, financing, construction and operation of renewable energy projects in Morocco, the United Arab Emirates, Bahrain, Oman, Saudi Arabia, Egypt and Jordan.
According to the memorandum of understanding, Enlight Renewable Energy, NewMed Energy and Yossi Abu will operate under the leadership of Enlight, to initiate, develop and establish renewable energy projects, including solar projects, wind projects, energy storage, as well as other segments of renewable energy as relevant.
The collaboration brings to light Enlight's expertise and leadership in the field of renewable energy as well as NewMed Energy's extensive experience, leadership and expertise in energy activities in the target countries.
Enlight will have means of control both during the construction stages and during the operation period of the projects.
The integration of Abu into the ownership structure of the joint body was done out of recognition of his unique experience and the extensive network of contacts he created in recent years in the countries of the region as part of his activities as CEO of NewMed Energy. The activity will be carried out through two designated corporations: a corporation owned by Enlight (70%) and Yossi Abu (30%) , which will operate in cooperation with NewMed Energy, with a holding rate of 66.67% (Enlight-Avo) and 33.33% NewMed Energy.
Gilad Yavetz, CEO of Enlight (Photo: Enlight)
Enlight is a leading international company in the field of renewable energy with extensive operations in Europe, the USA and Israel and has the ability to initiate, develop, finance, set up and operate renewable energy projects.
NewMed Energy is a leading and groundbreaking partnership in its field and its extensive experience in the regional market and the proven professional knowledge of its activities will help promote renewable energy projects in the countries of the region.
The collaboration between NewMed Energy and Enlight brings the advantages and extensive experience of the two in the field of energy and will help to promote the joint venture in the countries of the region.
Gilad Yaebetz, CEO of Enlight
: "In recent years, an unprecedented opportunity has been created in our region, which began in the field of natural gas, and can be expanded to the field of renewable energies. In our estimation, the cooperative structure that we have built optimally expresses the diverse capabilities of the parties, overflows a real complementarity between the companies' fields of expertise, and production significant synergy.
The combination of forces has a unique potential to generate activity on a very large scale in the field of renewable energy in the region."
Yossi Abu, CEO of NewMed Energy
: "We are implementing our strategic plan and as we declared only about six months ago - we are entering the field of renewable energies. NewMed Energy is an innovative energy company And a leader, and just as we brought the gas revolution to the countries of the region, so we will strive to bring the revolution in the field of renewable energies, together with our partner Enlight Energy.
NewMed Energy is a central and significant energy anchor in the regional arena and we will continue to work to maximize the value of our core assets alongside the development of additional avenues of activity that will bring value to investors.
On a personal level, I am excited to take part in a project that will promote renewable energies in the countries of the region, together with the two leading and most professional bodies in the Israeli energy sector."
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Six months ago: Yossi Abu and Yitzhak Tshuva remove the lot from the new logo of NewMed Energy (Photo: Shlomi Yosef)
Enlight Renewable Energy
was founded in 2008, and is a leading international company in the initiation, development, financing, establishment and operation of renewable energy projects.
The company is traded on the Tel Aviv Stock Exchange without a controlling interest, and is approximately 98% owned by the public.
The company's activities are currently spread over more than 10 countries on three continents - America, Europe and Asia.
The company is growing rapidly thanks to diversified activity in the core areas of renewable energy in the world: solar energy, wind energy and energy storage and has a proven track record of developing projects and bringing them to fruition and commercial operation.
The company's equity currently stands at approximately NIS 2.7 billion, and its portfolio of projects across all stages of development has a total scope of over 17 gigawatts in the production sector, and approximately 17 GWH in the storage sector, of which over 1,000 megawatts are profitable, and approximately An additional 2,800 megawatts under construction, in preparation for construction and/or with signed power sale agreements.
It is the largest, oldest and most experienced energy company in Israel.
In the last twenty years, the partnership has bought itself a name in the fields of exploration and production of Teva Gas, when it was at the center of discoveries of all the natural gas fields in Israel (Tamar 2009, Leviathan 2010, Tanin 2011, Harish 2013 and more), and was a central partner in the development and production of natural gas from the Yam-Tethys projects , Tamar and Whale.
The industry connections it created in the region are the ones that made it possible to reach unprecedented agreements under which gas reserves in Israel export significant quantities of natural gas to customers in Jordan and Egypt. NewMed Energy owns 45% of the Leviathan reservoir and 30% of the Aphrodite gas field.