Under the agreement, Airengy will act as a “smart” EPC contractor and will be responsible, among other things, for the design, licensing, procurement, construction, grid connection and completion of the projects.

In addition, the parties will examine the possibility of cooperation on the development level, under which Airengy may participate as an equity partner in some of the projects.

In the first phase, the companies defined seven projects with a cumulative solar capacity of approximately 22.15 MWp and a cumulative storage capacity of approximately 225.68 MWh. The potential consideration to Airengy for the construction works on these projects may reach approximately ILS 200 million.

The contract with Nofar Energy is another strategic step that Airengy has taken in recent months to establish and expand its development, design, and “smart” EPC operations in Israel. These steps include the acquisition of GreenGo’s EPC operations and the recruitment of Mor Yigali (formerly a senior executive at Doral Energy) to lead the company’s development and project activities in Israel.

Alongside its expansion in Israel, Airengy continues to deepen its development activities in Europe. Following the acquisition of a 34 MW portfolio in Poland, the company is working to expand its operations primarily in Poland and Italy, while conducting advanced negotiations for financing the transactions with leading entities in the capital and institutional markets.

In addition, the company continues to advance the commercialisation of its CAPP (Compressed Air Power Plant) technology for long-duration energy storage. In recent months, it has signed several memorandums of understanding to promote the establishment of compressed-air-based power stations in Europe. These steps support the company’s vision of building an international energy company operating across several complementary growth engines: entrepreneurship, smart EPC, storage and electricity generation.

The execution of the projects is subject, among other things, to the signing of detailed and binding agreements for each project, receipt of regulatory permits and approvals, and the arrangement of financing.

“Airengy is rapidly implementing its strategy of transitioning from a technology company to a full-scale energy company, with development and execution capabilities in Israel and Europe” said Maj. Gen. (res.) Yiftah Ron Tal, Chairman of Airengy. “The cooperation with Nofar Energy strengthens the company’s position as a growing player in the renewable energy and storage sectors and constitutes another building block in developing the company’s long-term capabilities in the energy market.”

For additional information:

Airengy

Nofar Energy Israel Ltd