Solair: Right to set up projects in Italy – the capital market

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It has just started trading on the Tel Aviv Stock Exchange reports that its subsidiary Energy Intersol 4SL has been granted the exclusive right to acquire the rights to establish and initiate photovoltaic projects in Italy amounting to approximately 312 megawatts, of which projects amounting to approximately 45 megawatts. Watts are expected to begin the construction process later this year.

These are rights in projects that are in various stages of initiation and development, with those whose construction will not begin this year expected to begin the construction process in the first quarter of 2022. In relation to each of the projects a framework agreement was signed according to the company, with relevant contracts. The two projects that will be built later this year will begin commercial operation in 2022, and the rest of which will begin construction in 2022 will begin commercial operation in 2023.

Solaire says that in their estimation, the renewable energy market in Italy is expected to grow significantly in the coming years. The company mentions that in January last year, the Italian government announced a target of 30% renewable energy of the total energy produced in the country by 2030.

Solair was issued in early February, when it raised NIS 120 million from the public at a company value of NIS 600 million after the money. However, in the last month the stock has lost about 5% and is now trading at a value of NIS 500 million.

The company, managed by Alon Segev, is engaged in the initiation, planning, development, procurement, construction, management and operation of projects for electricity generation and renewable energy production. Solair’s areas of activity are Israel and Europe, where it has been operating for two decades. And at various stages of development, including initiating projects, amounting to 1.4 gigawatts.