Enlight Energy And Electra Power To Establish Joint Venture Supplying Clean Energy Directly To Residential Customers In Israel
Portfolio Pulse from Happy Mohamed
Enlight Renewable Energy (NASDAQ:ENLT) and Electra Power have signed a memorandum of understanding to form a joint venture to supply clean energy to residential consumers and small businesses in Israel. The Israeli electricity market will open to competition in January 2024, allowing independent suppliers and distributors of energy to compete with the incumbent Israeli Electricity Company. Electra Power will hold a 65% stake in the joint venture, with Enlight owning the remaining 35%. The establishment of the partnership is subject to regulatory approval.
September 06, 2023 | 12:45 pm
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Enlight Renewable Energy is forming a joint venture with Electra Power to supply clean energy in Israel. This could potentially increase Enlight's market share and revenues.
The joint venture with Electra Power allows Enlight to tap into the residential and small business energy market in Israel. This could potentially increase Enlight's market share and revenues, especially with the upcoming liberalization of the Israeli electricity market in 2024.
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