Business rises at solar co Enlight

The firm followed deals on the Golan with deals near Haifa.

Enlight Renewable Energy Solutions Ltd. (TASE:ENLT) today announced that it will install ten rooftop 50-kilowatt photovoltaic systems on public buildings in the Haifa suburb of Kiryat Bialik for NIS 7 million. Enlight estimates electricity sales to Israel Electric Corporation (IEC) (TASE: ELEC.B22) at NIS 1.2 million a year.

Enlight is controlled by Shaul Elvotich through Eurocom Communications Ltd.. Today's deal comes less than six months after he merged Enlight with Sahar Investments in a reverse merger.

Yesterday, Enlight announced an even larger deal to install two PV 630-kilowatt facilities at the communities of Yonatan and Ramat Magshimim on the Golan Heights for a total investment of NIS 16 million. Electricity sales to the IEC will total NIS 3 million a year over 20 years. Enlight will own the facilities and the communities have an option to participate in up to 49% in each venture. Enlight expects the facilities to come on line in 2011, subject to financial closing and the obtaining of the necessary permits.

Yesterday's deal came after the Public Utilities Authority (Electricity) approved provisional licenses for Enlight to build the two facilities.

To date, Enlight has installed PV facilities for the production of 2.2 megawatts of electricity. The company owns most of the facilities, while some were built for other customers.

Enlight is expanding its business after signing a letter of intent in August with Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) for up to NIS 170 million in loans. Enlight has a similar letter of intent for a similar amount from Eurocom.

Enlight's share rose 11.7% by mid-afternoon to NIS 0.527, giving a market cap of NIS 110 million.

Published by Globes [online], Israel business news - www.globes-online.com - on October 26, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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