Enlight Renewable announces two winning bids in Israel Electricity tender

Enlight Renewable (ENLT) announced that two of the company’s energy storage facilities have won bids in the Israel Electricity Authority’s first availability tariff tender process. The two sites, Neot Smadar and Ohad, are located in the south of Israel and have a combined grid connection capacity of 300 MW AC. “According to the tender’s terms, after supplying power at the availability tariff rate for five years, the Company may transition to selling electricity into the deregulated market as well as increase the facilities’ storage capacity. Securing a grid connection of 300 MW AC will allow Enlight to build projects with a total storage capacity of 1,300 MWh, potentially rising to 1,900 MWh following the transition into the deregulated market. According to the tender’s terms, the projects are expected to reach commercial operation by 2028. The combined construction cost of the two facilities is expected to range between $210-250M, depending on the ultimate amount of capacity the Company decides to build. The projects are expected to generate combined average annual revenues of $75-85M and combined average annual EBITDA of $37-42M over the full life of the projects,” the company stated.