July 9, 2018 / 8:30 AM / 4 months ago

Enlight secures funding for Israeli wind farm

JERUSALEM, July 9 (Reuters) - Enlight Renewable Energy said on Monday it secured 525 million shekels ($145 million) in financing to build Israel’s largest wind energy project.

The total cost for the 96 megawatt wind farm is 660 million shekels, Enlight said. Israel’s Bank Hapoalim led the financing, together with Harel Insurance and Phoenix Holdings.

The project will be constructed by Enlight and its partners over two years in the Israeli-controlled Golan Heights, near the frontier with Syria.

Enlight, which is a part owner in the group building the wind farm, said they signed with General Electric a turbine supply agreement, as well as a full service agreement to operate the wind farm for 20 years.

Revenue from the project is expected to be 100-110 million shekels a year for 20 years ($1 = 3.6182 shekels) (Reporting by Ari Rabinovitch; Editing by Tova Cohen)

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