Azrieli Group Acquires 50% Stake in 112 MW Ramat Beka Solar and Storage Project in Israel
Shikun & Binui Energy has signed a binding agreement with the Azrieli Group for the sale of a 50% interest in the Ramat Beka solar and energy storage project in Israel. The 112 MW DC PV project with 784 MWh of storage is one of the largest of its kind in the country and is expected to reach commercial operation in 2029.
Transaction date:
Key facts
- Transaction date
- Technology
- Solar PV, Battery Storage (BESS)
- Capacity
- 112 MW
- Transaction price
- Not disclosed
- Buyer
- Azrieli Group
- Seller
- Shikun & Binui Energy
- Country
- Israel
- Location
- Ramat Beka, Israel
- Continent
- Asia
- Development status
- Under Development
- PPA
- Yes
Technology details
Large-scale solar photovoltaic project with an installed capacity of approximately 112 MW (DC), combined with large-scale battery energy storage with an effective storage capacity of approximately 784 MWh. The project is planned over an area of around 847 dunams, with commercial operation expected in Q1 2029.
Power purchase agreement (PPA)
Long-term green power supply agreements associated with the project, with expected revenues estimated between NIS 1.5 and 2.3 billion over the agreement term.
Additional information
Azrieli Group will acquire a 50% equity interest in the Ramat Beka project, becoming an equal partner alongside Shikun & Binui Energy. Under the agreement, Azrieli will reimburse 50% of development costs incurred to date, amounting to approximately NIS 28.5 million, plus a premium and milestone-based payments. The partners will share equally in future investments, equity contributions and profits. A long-term green power supply arrangement has also been agreed, with expected electricity supply revenues to Shikun & Binui Energy estimated at NIS 1.5–2.3 billion over the contract term.
Source
Compiled by Renewables.digital from public announcements.