Enlight Renewable Energy Solutions Ltd. (TASE:ENLT) reported today that it was buying 90% of US renewable energy company Clenera LLC at a valuation of $433 million. The deal covers 50 large solar energy projects with a total output of 12 gigawatts and 5.5 gigawatt hours of energy storage. Enlight will pay $158 million when the deal is completed and a maximum of a further $232 million in staged payments based on performance.
Completion of the deal will bring Enlight's total output to 16.8 gigawatts and its storage capacity to 7.5 gigawatt hours. Enlight CEO Gilad Yavetz said, "Enlight found in Clenera founders with fantastic management capabilities, an innovative and market leading approach, existing activity on a substantial scale, and growing, and an enterprise culture similar to that of Enlight. We believe that the combination of these capabilities and Enlight's advantages will create a leading entity on an international scale in renewable energy, and will generate strong synergies between us."
Enlight will acquire the sellers' holdings, including the development portfolio, all of Clenera's capabilities and know-how, while the two founders will remain with a minority holding of 9.9%. The founders, Jason Ellsworth (CEO) and Adam Pishl (COO), will continue to serve in senior management positions and on the company's board of directors, which will be controlled by Enlight. Yavetz will serve as CEO of Clenera, and Michael Avidan, president of Enlight US, who led the deal, will also sit on the board of directors.
Enlight's share price is up nearly 4% on the Tel Aviv Stock Exchange following the report of the deal.
Published by Globes, Israel business news - en.globes.co.il - on June 30, 2021
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