EDF and Ogwind will collaborate on the construction of a solar energy facility – the capital market

Augwind
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It entered into a memorandum of understanding with EDF Renewable Energy Israel to establish a ground-based photovoltaic facility for electricity generation. The scope of production is estimated at 5 megawatts combined with an energy storage system for 4 hours of storage.

EDF is engaged in the domestic renewable energy market, and is part of the global EDF Group. Ogwind and EDF will work to build the facility, including providing the necessary funding for it, through a corporation that will be held by them in equal parts, with EDF locating the land for the project and being responsible for the ongoing construction, operation and maintenance of the photovoltaic facility. And will perform the operation and maintenance of the system throughout the years of operation.

The parties expect that the conditions for the construction and operation of the pioneer facility will be similar to the conditions for the construction of photovoltaic integrated storage facilities by virtue of competitive procedures conducted by the Electricity Authority and for a period of 23 years, beginning at the time of commercial operation. The memorandum of understanding is expected to mature into an agreement within six months and will be revoked if the requirements of the Electricity Authority for the construction and operation of the facility as a pioneer facility are not achieved. In the Company’s estimation, the construction of the facility is expected to be completed within two years from the date the conditions are met.

This is the second deal in a little over a month for Ogwind after it received two allocations from the Ministry of Energy for the construction of pioneer facilities. That is, facilities that will be defined by the Ministry as an innovative facility with technologies for electricity generation and therefore will receive an operating license from the Ministry of Energy to connect to the electricity grid.

In November, Ogwnid signed a similar memorandum with the energy company

Solgreen
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Which specializes in the initiation, financing, construction and operation of electrical installations based on renewable energies. Both transactions are based on the AirBattery system.

Recall that Ogwind reported about two weeks ago on the results of its experiment which showed an overall utilization of the system ranging from 75% to 81%. According to the company, the charging process has proven to be a very efficient process with minimal (to negligible) temperature changes, involving minimal energy losses. But the question of whether this survivor’s rates are good enough, given its low cost, remains open. Through the projects that Ogwind is collaborating on, she will be able to answer this question. One way or another, in the past week, the share of Ogwind has fallen by 9.3%.