Enlight buys electricity storage systems for $80m

Enlight CEO Gilad Yavetz  credit: Enlight

The systems will be used by Enlight in two Public Utilities Authority (Electricity) tenders that it won for combined photovoltaic and energy storage power plants.

Enlight Renewable Energy (TASE: ENLT) announced today that it has reached an agreement to buy electricity storage systems to provide 430 MWh for solar energy projects combined with energy storage, which it will build in Israel.

The agreement was signed with Chinese company Sungrow Power Supply, a major international player which sells energy storage systems to more than 150 countries. Enlight will pay between $75-80 million for the storage systems including milestone payments.

The storage systems include lithium-Ion batteries made by Chinese battery manufacturer Contemporary Amperex Technology (CATL). The systems will be used by Enlight in two Public Utilities Authority (Electricity) tenders that it won for combined photovoltaic and energy storage power plants.

Enlight CEO Gilad Yavetz said, "This is our first strategic procurement agreement in the field of energy and we have chosen to implement it using the advanced technological solution of Sungrow together with the matching technology of CATL, which provide us with the best existing solar energy combined with storage projects."

Published by Globes, Israel business news - en.globes.co.il - on January 2, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Enlight CEO Gilad Yavetz  credit: Enlight
Enlight CEO Gilad Yavetz credit: Enlight
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