Israeli solar energy company Teralight (TASE: TRLT) has announced a sales agreement with electricity supplier Dalia Energies worth NIS 2.2-2.3 billion over 23 years. Under the terms of the agreement, Teralight will sell all the electricity produced in the Ta'anach 2 project in the Jezreel Valley, which is expected to begin commercial operations in the first half of 2025, with a combined capacity of 108 MW/433 MWh.
Both sections of the Ta'anach project will provide 250 MW, which will represent about 5.2% of all the green energy in Israel and 1.2% of the electricity in the national grid. The project, which is being promoted by Teralight with the Economic Company of the Moshav Movement is a national infrastructure project that will provide electricity for 250,000 Israelis and help Israel meet its green energy targets.
Teralight develops solar energy projects in Israel and abroad and is the exclusive partner of the Moshav Movement which comprises 254 agricultural cooperative villages around Israel. The company has invested in a number of technology companies in the fields of green energy and energy optimization processes. Teralight is developing solar projects amounting to more than 1.5 GW/2.4 GWh.
Teralight CEO Rani Lifshitz said, "The agreement for the sale of electricity to Dalia from the Tanach 2 project is a very significant milestone for Teralight and makes the company, in practice, a leading and central player in the field of green electricity production and supply in Israel. We are currently in the process of building or nearly starting to build solar projects and storage facilities with a significant volume of approximately 1,000 MW and 1,900 MWh respectively, which are expected to gradually connect to the grid over the next three years."
Published by Globes, Israel business news - en.globes.co.il - on September 7, 2023.
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