Hapoalim lends Enlight NIS 22m to build PV facilities

Enlight expects NIS 270 million in electricity sales over 20 years from its projects.

Enlight Renewable Energy Solutions Ltd. (TASE:ENLT), an integrator of photovoltaic systems controlled by Shaul Elovitch through Eurocom Group, has obtained up to NIS 22 million in long-term financing from Bank Hapoalim (TASE: POLI). The company will use the money to install the facilities. The financing is guaranteed by current revenue from the projects as they come online by the end of 2012.

Enlight has previously reported that it expects more than NIS 13 million in revenue a year from the sale of electricity from its PV facilities, and NIS 270 million revenue over 20 years.

Enlight's largest project is the installation of 45 PV facilities on the roofs of buildings at IDF bases. The company won the NIS 30 million tender in January. Capital market sources believe that, in addition to the Bank Hapoalim loan, Enlight will soon raise tens of millions of shekels in a public bond offering.

Published by Globes [online], Israel business news - www.globes-online.com - on February 20, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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