Sunflower expands Israeli solar operations

The company has signed a letter of intent to buy mid-sized facilities for NIS 70-106 million.

Sunflower Sustainable Investments Ltd. (TASE: SNFL), founded by former investment bankers Roni Biram and Gil Deutsch, has signed a letter of intent to acquire mid-sized solar energy facilities for NIS 70-106 million, plus VAT. The facilities' bank financing will be deducted from the final sale price. The size of the deal will range from 4.2 megawatts to 6.4 megawatts, depending on whether the seller's partners will participate in it. A separate final contract will be signed for each facility.

Most of the facilities are already hooked up to the national grid, and the others are due to be hooked up soon. The deal's final price will partly depend on receipt of the full revenue from each facility's hook-up date to the grid. The facilities' project companies have operating contracts. The construction of all but one of the facilities was financed by Israeli banks.

Sunflower CEO Orly Kryam said, "We are expanding our operations in Israel at the same time as the development of activity in Italy and Poland. We are pleased with this deal to expand the company's portfolio of assets in Israel."

Published by Globes [online], Israel business news - - on July 18, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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