Enlight in talks to buy Italian PV energy rights

Enlight and Econergy are in talks to acquire rights to build rooftop photovoltaic facilities near Rome for €2.6 million.

Enlight Renewable Energy Solutions Ltd. (TASE:ENLT) and Econergy Svilupo (Development) srl are in talks to acquire rights to build rooftop photovoltaic facilities near Rome for €2.6 million, as it continues its efforts to expand its operations in Italy. The PV facilities will generate 920 kilowatt/hours of electricity, which will generate €8 million revenue over 20 years. Enlight will own 85% of the project.

Enlight, controlled by Shaul Elovitch's Eurocom Group, and Econergy jointly own several solar energy projects in Italy. Two months ago, Enlight announced that it was in talks to acquire rights to a 3-megawatt PV project in Italy at an investment of €14 million.

The updates follow Enlight's announcement in November 2010 that it had invested €43 million in the development and operation of solar energy farms for the production of 15 megawatts of electricity in Italy.

Enlight's share price fell 3.7% by mid-afternoon to NIS 0.33, giving a market cap of NIS 74 million.

Published by Globes [online], Israel business news - www.globes-online.com - on October 25, 2011

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

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