The day after the government deferred its discussion of a climate bill, Enlight Renewable Energy (Nasdaq: ENLT; TASE: ENLT) has announced the start of commissioning of the first wind turbine at Genesis Wind on the Golan Heights. This is Israel’s largest renewable energy project, constructed at an investment of $350 million. It features 39 wind turbines from General Electric. The company says that the 207 megawatt project will provide clean energy equivalent to the yearly consumption of 70,000 households, saving 180,000 tons of CO2 emissions annually.
The project has been connected to the national power grid and has started to undergo running-in tests. Enlight expects that Genesis Wind will achieve full commercial operation by the end of the third quarter of 2023. In its first full year of operations, Genesis Wind is expected to generate revenue of $50-52 million and $40m-42 million EBITDA under a 20-year inflation-linked PPA (power purchase agreement) with Israel Electric Corporation.
Enlight’s announcement is an important one, in the light of the looming power supply crisis in Israel, and of the fact that only last year did the country manage to reach the goal for the proportion of power produced from renewable sources set for 2020 (10%). Israel currently produces 12% of the power it consumes from renewable sources, and the goal for 2030 is 30%.
Eight settlements on the Golan Heights and Aveeram Ltd. are partners in the Genesis Wind project. The project includes the first privately developed HV 161 kV underground cable in Israel, extending 27 kilometers. This will enable Enlight to deliver electricity from additional renewable energy projects it is developing in the area.
An advanced system for the protection of birds has been installed in the project, which will work in combination with specially trained observers at observation posts. The system wad developed by a European company and is installed in several countries. Construction of the project created hundreds of jobs over three years, and it will continue to employ many Golan Heights residents.
“The successful commissioning of the first wind turbine at Genesis Wind marks a significant milestone in Israel’s renewable energy journey,” said Enlight CEO Gilad Yavet. “The Genesis Wind project further solidifies Enlight’s position as a key player in Israel’s renewable energy sector, and we remain steadfast in our commitment to developing additional utility scale projects across the country, facilitated through our land and expand strategy focused on large scale projects around key interconnection infrastructure.”
Published by Globes, Israel business news – en.globes.co.il – on June 12, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
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