Renewable energy company O.Y. Nofar Energy (TASE: NOFR) continues to expand its activity outside Israel. The company reported this morning that it had signed an agreement with UK company Interland Energy Ltd. to set up a joint platform for the initiation, development, construction, finance, management and holding of energy storage projects in the UK. Nofar will hold 75% of the joint company and Interland 25%. Nofar also reported a first deal for the new partnership: the Cellarhead project for storing electricity in batteries. The project is connected to the power grid, and has an estimated output of 300-349 megawatts and a storage capacity of 700 megawatt-hours. The cost of constructing the project is estimated at £214 million (NIS 870 million), and it is expected to yield annual revenue of £42 million (NIS 175 million) and annual EBITDA of £35 million (NIS 145 million). Nofar expects to start construction in the first half of 2022 and to connect it to the grid in the second quarter of 2024. Published by Globes, Israel business news - en.globes.co.il - on December 19, 2021. © Copyright of Globes Publisher Itonut (1983) Ltd., 2021.
