Analite and Navits will work to establish offshore wind energy projects in the international market

Analyte and Navits Petroleum reports the signing of an agreement of principles for exclusive cooperation between Analyte and Fleur (a company owned by the sole general partner of Navits) for the initiation, establishment and operation of offshore wind energy projects in the international market. Under the agreement the parties will cooperate in the field exclusively for two years. Navits also reported that Fleur intends to act to transfer the activity to Navits, subject to the approval of the amendment in the stock exchange regulations and the approval of the owners of the participation units.

In accordance with the agreement in principle, Enlight is expected to hold 60% of the joint venture and Navits 40%.

The cooperation and synergy between Analyte and Navits will make it possible to express the relative advantages of the parties. Enlight has experience in initiating, establishing and operating renewable energy projects in Israel and around the world, and has a portfolio of current projects * of approximately 2,000 megawatts *, including significant onshore wind energy projects in Israel and around the world, as well as an additional portfolio of 2,300 megawatts.

Navits Petroleum operates primarily in North America in the development and production of significant offshore oil projects – in Baskin and Shenandoah – and has rich and proven experience with regulation and suppliers in the field as well as experience in financing offshore projects.

This collaboration will enable Navits and Enlighten to utilize their capabilities and experience in identifying opportunities in the field and is expected to expand their operations significantly.

Wind energy in the sea is one of the fastest growing areas in the renewable energy sector, with an increase of about 20% per year, using completely clean energy and a minimum of ecological fingerprint. It is estimated that the sector is expected to receive a significant boost from the US administration, which has made the promotion of renewable energy a major policy goal.

To date, about 34 gigawatts of offshore wind projects have been built worldwide, and the scope of global installations is expected to continue to grow to a level of over 80 gigawatts by 2025. The share of the offshore wind market in North America, which is in its infancy today , Is expected to grow significantly and reach a volume of about 164 gigawatts by 2050, which is a significant share of all installations in the world.

Navits chairman Gideon Tadmor told FUNDER: “Navits ‘expected entry into the field of renewable energies and the partnership in the field of offshore wind with Analite, which is a significant and valued player in Israel, will enable a significant further expansion in Navits’ operations, while creating great added value for its investors.”

Anlite CEO Gilad Yabetz: “The offshore wind sector is very interesting for us, and our entry into it is a natural continuation of our extensive activity in the field of wind energy in the world. In recent years there has been an acceleration in the growth rate of this segment. “In other markets. We are pleased to partner with the Navitas Group to add initiative, financing and experience capabilities in the field of operation and regulation of marine infrastructure and energy projects, with an emphasis on North America.”

Analyte Renewable Energy, founded in 2008, traded on the Tel Aviv 125 Index, and held by 98% of the public, is one of the leaders in Israel in initiating, developing, financing, establishing and operating projects to produce clean electricity from renewable energy sources. The company operates in Israel and Europe , Enjoys a diverse portfolio of income-producing projects, under construction and prior to construction with a production capacity of approximately 1,800 megawatts, and over 2,300 megawatts in various stages of development.The company enjoys a growing revenue pool built from long-term agreements for electricity sales and at the same time works to expand its holdings More in the field of clean energy.

Navits Petroleum operates in the North American oil sector and has a portfolio of assets that includes reservoirs that have already begun commercial production of oil, with a total share of proven oil resources of approximately 303 million barrels. Navits holds 53.1% of the rights in the Shenandoah project, a proven oil discovery, which is expected to generate a capitalized cash flow (10NPV) estimated at $ 1.3 billion. Navits holds 7.5% of the rights in the Baskin (469 million barrels) project in the Gulf of Mexico, which began commercial oil production in June 2019.

Alongside operations in the Gulf of Mexico, Navits is working to develop its overland arm, and currently owns 5 onshore production fields in Texas.