Solgreen: Development agreement for projects in Italy – the capital market

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Solgreen
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Reports an agreement of up to $ 200 million with an Italian entrepreneurial company to develop land projects in the country. The parties will establish a limited partnership for the development, construction, financing and operation of photovoltaic projects, with Solgrin holding 85% of it and the Italian entrepreneur 15%.

Negotiations with the developer were already announced by Solgarin at the end of October, and now an agreement has been signed between them. -70 megawatts.

Under the new agreement, first of all, 100 megawatts projects will be promoted, in which the developer undertakes to provide development services exclusively to Solgreen. There will also be an option for one year to sign the expansion of the partnership to a total volume of 200 megawatts. The parties agreed that the developer will not transfer his rights in the partnership until after 3 years from the date of commercial operation of the first project.

In an interview with BizPortal in October, Solgreen’s chairman, Gal Bogin, said that “we are promoting the development of 200 megawatts of future projects, and this is the essence of future activity, these will be realized within 12-24 months. This is an action that will generate income and profits in the immediate term – the company’s FFO will increase by 10 million euros a year. And also between us infrastructure for years to come. It is a move that develops long-term activity in the market, which is one of the largest markets in the field of renewable energy in Europe. ”

Activity in the Italian market is Solgreen’s first significant entry into the international arena. At the end of the third quarter of 2020, revenues amounted to NIS 10 million, compared with NIS 10.1 million in the corresponding quarter. During the reporting period, the company made a loss of NIS 1.6 million, compared with a profit of NIS 1 million a year earlier. The controlling shareholder (51%) in Solgreen is the Generation Capital Fund.