Enlight Renewable Energy Solutions Ltd. is starting to benefit from Shaul Elovitch's standing in the capital market, and is leveraging him to expand its planned activities. A month after the reverse merger with Sahar Investments Ltd. (TASE:SAIN), controlled by Elovitch through Eurocom Communications Ltd., the company announced that it has received from Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) a letter of intent to extend a NIS 170 million credit line. The credit line is subject to due diligence on Enlight and the signing of a contract
Enlight will use the credit line to develop its photovoltaic systems. The credit line reflects the ability to build 50 megawatts of photovoltaic facilities at a value of NIS 1 billion. Enlight's orders backlog already amounts to 60 megawatts. Construction of a 1-megawatt facility costs around $4 million.
Sahar yesterday received permission from the Registrar of Companies to change its name to Enlight. Sahar's share price rose 12.1% to NIS 0.25, giving a market cap of NIS 51 million.
Eurocom owns 43.9% of Sahar/Enlight. He hopes to exploit the company's know-how and experience to greatly expand its business.
Published by Globes [online], Israel business news - www.globes-online.com - on August 2, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010