Analyte settles the debt with the lenders – the capital market

In the coming weeks, Enlight is expected to make the first withdrawal of the new loan funds, with the help of repaying the entire existing senior debt that was provided for projects in the amount of NIS 580 million, including the release of funds amounting to NIS 40 million. Upon repayment of the existing senior debt, the Company will record a one-time expense of approximately NIS 175 million in its financial statements for 2020 in respect of the payment of an early repayment fee, in addition to the NIS 60 million early repayment fee paid in respect of the repayment of the debt. In previous reports. On the other hand, the company is expected to record a significant improvement in financing expenses and financial results in the next 15 years.

Banlite notes that the move will lead to a significant improvement in the financing structure of the projects and their adaptation to an optimal interest rate and commercial conditions environment, in relation to the period and market conditions that prevailed when the previous financing transactions took place.

The five projects generate revenue from sales at a fixed rate for 20 years. As of 2020, the rates are as follows: 64.31 agorot per kWh in the Pioneering project, 140.18 agorot per kWh in the Mivtachim project, 106.45 agorot per kWh in the Talmei Bilu project and about 100 agorot per kWh in the Karmim and Idan projects. The tariffs are linked to the consumer price index.

“We are proud to complete an innovative financing system for the solar-producing facilities together with a quality group of lenders,” Message from Gilad Yavetz, CEO of Analite. “The excellent performance of our sites over the years of operation so far, which included high outputs and an exceptional level of availability, formed the basis for the move. Analyte will continue to work to lead innovation, across the entire renewable energy value chain, including development, development and engineering. And funding. ”

Yael Kfir-Mazar, Head of Business at Leumi: “Refinancing for Enlight’s solar projects is part of Leumi’s strategy to lead the field of financing national infrastructure in Israel in general, and the field of renewable energy in particular, which is expected to make a significant contribution to the development of the electricity sector. As the credit organizer recently. ”

Nir Moroz, Deputy CEO and Director of the Investment Division at Menora Mivtachim Insurance: “This investment joins other investments we have made in the field of renewable energy, which is a growing field with great potential. The Menora Mivtachim Group manages assets worth more than NIS 230 billion and this investment makes it possible to diversify the investment portfolio, while achieving an excess return at a low risk level.”

Nir Ovadia, Director of the Investment Division of Fellows of Old Pension Funds“In 2020, we executed credit transactions amounting to approximately NIS 4 billion in the areas of infrastructure and energy, as part of a strategic move to increase exposure to these areas.”

The transaction was accompanied by Adv. Adam Eitan from the firm of Herzog Fox Ne’eman who represented the company, and Adv. Tani Zehavi from the firm of Meitar who represented the lenders.

Analyte, founded in 2008, is traded on the Tel Aviv 125 Index and is held by approximately 98% of the public. The company operates in Israel and Europe in the fields of initiating, developing, financing, establishing and operating projects to generate electricity from renewable energy sources. Construction with a production capacity of about 1,800 megawatts, and over 2,300 megawatts at various stages of development.