Eurocom Group solar energy subsidiary Enlight Renewable Energy Solutions Ltd. (TASE:ENLT) has signed two cooperation agreements in Italy with Econergy Svilupo (Development) srl to develop solar energy farms and with Econergy Italia srl to develop rooftop solar energy projects. The initial output of the solar project will be up to 15 megawatts.
Enlight estimates the set-up investment of the projects at €43 million, of which Enlight will invest €6-7 million from its equity. The investments will depend on the progress of the various projects, which are due to be built in 2011-12, and on securing financing. The company expects the projects to generate €6 million revenue a year.
Enlight and its partners will set up special purpose vehicles (SPVs), incorporated in Italy, to manage the projects. Depending on the financing, Enlight will own at least 70% of each SPV.
Enlight's share price rose 10.1% by early afternoon to NIS 0.53, giving a market cap of NIS 112 million.
Published by Globes [online], Israel business news - www.globes-online.com - on November 9, 2010
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