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NewMed, Enlight Energy announce JV to develop renewable energy projects across North Africa and the Middle East

August 16, 2022

Enlight Energy and NewMed Energy have signed a term sheet to collaborate exclusively to develop, finance, construct and operate renewable energy projects in Morocco, the UAE, Bahrain, Oman, Saudi Arabia, Egypt and Jordan.

Under the terms of the MOU, the partnership of Enlight Energy, NewMed Energy and Yossi Abu, will develop and construct renewable energy projects, including solar projects, wind projects, energy storage projects and as well as projects across other renewable energy segments, to the extent relevant. This collaboration, which is to be led by Enlight Energy, utilizes Enlight’s leadership and expertise in the renewable energy sector, as well as NewMed Energy’s vast experience, leadership and specialty in operating across the energy sectors of the target countries. Enlight will be the controlling shareholder during both the construction phase and operational phase.

Abu’s inclusion in the ownership structure recognizes his unique experience and vast network of relationships he has forged in recent years across the region as CEO of NewMed Energy. The partnership will be owned 66.7% by Enlight-Abu and 33.3% by NewMed Energy. Enlight-Abu will be owned 70% by Enlight and 30% by Yossi Abu.

Enlight is an international IPP and developer in the renewable energy sector, with extensive operations across the U.S., Europe, and Israel. Enlight has an extensive track record developing, financing, constructing and operating renewable energy projects. NewMed Energy is a partnership in the energy sector, and its extensive experience in the regional market and proven professional knowledge across its operations will assist in promoting renewable energy projects across the region.

The joint venture between NewMed Energy and Enlight brings the vast experience and capabilities of two of the leading Israeli energy players, which will enable the advancement of renewable energy projects across the region.

Gilad Yavetz, CEO, Enlight: ''In recent years we have seen the emergence of an unprecedented opportunity, which started with natural gas and which will extend into the renewable energy sector. We believe that the structure of the joint venue utilizes the parties’ diverse and complementary capabilities, which we expect will create significant synergies. Our partnership has the unique potential of delivering large-scale renewable energy operations across the region.''

Yossi Abu, CEO, NewMed Energy: ''We are implementing our strategic plan and, as we announced merely six months ago – entering the renewable energy industry. NewMed Energy is an innovative and leading energy entity, and just as we have brought the gas revolution to the countries of the region, so we will strive to bring the renewable energy revolution, together with our partner, Enlight Energy. NewMed Energy is an energy anchor in the regional arena, and we will continue to act to maximize the value of our core assets along with the development of additional lines of operation that will generate value for our investors. On a personal note, I am excited to take part in a project that will promote renewable energies in the countries of the region, together with the two leading and most experienced players in the Israeli energy sector.''