Enlight Renewable (ENLT) Energy announces the signing of an agreement to sell 44% of a partnership, which holds the Sunlight cluster of Israeli renewable energy projects to Harel Insurance Investments & Financial Services Ltd. and Amitim Senior Pension Funds, who will acquire a 25% and 19% stake respectively. The Investors will purchase 44% of the Partnership for a total investment of $50 million in cash, of which $45 million will be paid upfront, and $5 million will be deferred consideration to be paid by the Investors upon fulfillment of certain conditions set forth in the Sale Agreement. Upon completion of the transaction, which is expected to occur during the first quarter of 2025, the Company will cease to consolidate the financial results of the Partnership in its financial statements, and will accordingly recognize a profit of $94 million.
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