According to FUNDER website data,
378 mutual funds hold an share of Enlight Energy in the amount of NIS 546.72 million
Funds that hold significant holdings in the stock – for the full list of holdings
The following is a change in the holdings of mutual funds in the share of Enlight Energy according to FUNDER-MVF data.
Analyte reports on negotiations to acquire 90% of the holdings in a leading company with extensive experience in initiating, developing, establishing and operating in the field of solar energy and energy storage in the US at a total company value of up to $ 430 million, in a transaction that includes a performance-based gradual compensation mechanism. below.
To date, the target company has successfully developed, established and sold solar installations with a capacity of over 1.5 gigawatts, and has a significant portfolio of projects under development with a wide geographical spread in the United States, in countries with significant growth potential.
The target company employs about 80 people and is experiencing a growth boom. The target company’s portfolio consists of a battery of about 50 large solar projects (utility scale) at various stages of development with a total volume of about 9.9 gigawatts (in terms of DC power). Some projects require a combination with energy storage facilities, with a cumulative volume of over 1.5 gigawatt hours.
According to the company’s estimates, about 15 projects with a total capacity of about 2.5 gigabytes are in advanced stages of development and are expected to mature for construction over the next two years. With regard to these facilities, the target company has already signed and / or is in advanced negotiations to sign agreements for the sale of generated electricity (PPAs) for projects with a cumulative capacity of about 2 gigawatts, for an average period of 19 years and for the full generated electricity.
The acquisition of the target company is planned to be made at an estimated company value of up to approximately $ 430 million (representing a value of 100% of the company), of which approximately $ 160 million will be paid at the closing date of the transaction. The balance, in the amount of up to $ 230 million (reflecting the acquisition of 90% of the holdings as stated above), will be executed in accordance with a performance-based gradual return mechanism, over five years, depending on the realization of the project.
Accordingly, as part of the transaction, approximately 10% of the holdings in the target company will be handed over by the two entrepreneurs, who also serve as the company’s senior executives.
For the avoidance of doubt, it should be noted that the acquisition does not include the facilities established before the acquisition and sold to third parties, but the development portfolio, which currently stands at 9.9 GB as stated above, as well as the holdings in the target company, all its capabilities and IP rights .
The company has entered into an agreement of intent with the target company that includes an exclusivity period, during which the parties will conduct detailed negotiations on the terms of the transaction and the purchase agreement, and a comprehensive due diligence will be performed by the company and its consultants in connection with the target company.
Analyte estimates that the detailed and binding purchase agreement will be signed during the second quarter of 2021, subject, inter alia, to the completion of the Company’s due diligence processes and consultants in connection with the target company to the Company’s satisfaction and to the conclusion of all commercial and legal agreements.
It is clarified that at this stage there is no certainty regarding the completion of the purchase transaction in the manner described above and / or in general.
Gilad Yavetz, CEO of the company, told FUNDER“The strategic strategic entry into the US market will march Analyte to a new era in its history. We anticipate that the US market will experience unprecedented growth in solar energy and energy storage in the next decade. Similar to our traditional markets “
About the US Solar Energy Market: The US market is in the midst of an accelerated transition to electricity generation from renewable energy sources. As of this date, nine US states have set targets for 100% renewable energy production by 2050. In addition, a significant growth engine comes from the leading business companies sector, operating in the US market, and taking on a commitment to consume 100% of electricity from renewable energy sources .
Total electricity consumption from renewable energies in the US (excluding hydroelectric production) for 2019 was about 11% of total consumption, in a way that reflects a large space for further growth in renewable energy production. The solar sector led in 2019 the volume of new installations in the US compared to energy Wind and natural gas, and is expected to continue to grow at an accelerated rate due to the significant economic improvement in the cost of solar production. To date, approximately 86 gigabytes of solar projects have been built in the United States, and the volume of installations is expected to continue to grow to approximately 238 gigabytes by 2030 and constitute a significant share of all installations of installations for electricity generation in the United States.
According to market estimates, the entry of US President Joe Biden into office is expected to lead to a further acceleration of the transition to electricity generation from renewable energies in the US. The new administration has focused on addressing the climate crisis, declaring targets for a significant reduction in greenhouse gas emissions, and achieving 100% electricity generation from renewable energy by 2035 with a direct investment of $ 400 billion.
Analyte believes that its entrepreneurial, financing, engineering, management and development capabilities in the international renewable energy market, and in particular in the solar field and energy storage, combined with the target company’s initiation and development capabilities in the US market, and its proven experience in this field, .
For Maya reporting