Enlight Renewable Energy (ENLT) said Tuesday it has agreed to sell a 44% stake in a partnership that holds the Sunlight cluster of Israeli renewable energy projects to Harel Insurance Investments & Financial Services and Amitim Senior Pension Funds.
Under the deal, Harel Insurance will acquire a 25% stake while Amitim will buy a 19% stake for a total investment of $50 million in cash.
The company said $45 million of the consideration will be paid upfront, with the rest to be paid upon fulfillment of certain conditions.
Upon the deal's closing, expected in Q1, the company will recognize a $94 million profit.
Enlight said the parties have also entered into various additional commercial arrangements, including an exclusive right for it to buy all the electricity produced by the cluster under a 20-year availability agreement.
The Sunlight cluster consists of projects totaling 69 megawatts of solar generation and 448 MWh of energy storage capacity.
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