Israeli companies plan green energy push in seven Arab countries

Israeli companies Enlight Renewable Energy (TLV:ENLT) and NewMed Energy (TLV:NWMD), formerly known as Delek Drilling, have joined hands to implement renewable energy projects in several countries in the Middle East and North Africa.

The two companies are planning to develop, finance, build and operate green projects in Egypt, Jordan, Morocco, the UAE, Bahrain, Oman and Saudi Arabia, NewMed Energy said in a press release earlier this week.

The areas of cooperation include solar, wind, energy storage and other renewable energy sources.

NewMed and Enlight have signed a memorandum of understanding (MoU) for an exclusive partnership for a period of three years with an option for a two-year extension. The deal is subject to the signing of a detailed binding agreement and approval by NewMed's general meeting.

To do the work on the projects, the two companies plan to set up joint ventures in which NewMed will own a minority interest of 33.33% and the remaining majority stake will be held by an entity co-owned by Enlight and NewMed's chief executive Yossi Abu.

Founded in 2008, Enlight develops and owns utility-scale onshore wind, solar and energy storage projects. The company is already active in its home market, Europe and the United States.

NewMed, the developer and co-owner of the large Leviathan natural gas field in the Mediterranean off the coast of Israel, decided in early 2022 to enter the renewable energy market with plans to develop and own solar and energy storage plants and invest in clean hydrogen.

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