Energix Renewable Energies Ltd. (ENRG) yesterday announced its first deal since its IPO in May: it will acquire the 50% rights of Multimatrix Ltd. (TASE: MLTX) to the Golan wind turbine project for NIS 45 million.
Multimatrix is selling its stake in the project for the same amount it acquired it from Mei Golan Wind Energy Development (1988) Ltd., owned by the Harel and Melamed families, plus a few million shekels in repayments on the loan that the company took to finance its deal. Multimetrix has an option to buy back 25% of the project, in two stages, subject to due diligence and other terms.
Energix will now own half of the Golan wind venture, and the other half will be owned by the venture's founders Avraham and Eyal Melamed, and Tzahal Harel, through Mei Golan. The venture owns 70% of a six-megawatt wind farm (which can be expanded to 14 megawatts). It also plans to build a 155-megwatt wind farm, which has been declared a national project, with AES Corporation (NYSE: AES). Mei Golan and AES are also planning a 255-megawatt wind farm.
Energix is a spin-off of Alony Hetz Property and Investments Ltd. (TASE: ALHE) subsidiary Amot Investments Ltd. (TASE:AMOT). Energix raised NIS 150 million in its IPO. Energix installs, operates, and sells small 50-kilowatt photovoltaic systems, and has NIS 3 million in annual income. It lost NIS 1.1 million on NIS 600,000 in the first quarter.
Energix's share price rose 2.5% in morning trading today to NIS 1.19, giving a market cap of NIS 158 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 14, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011