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Teralight

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טראלייט
www.teralight.co.il

A publicly traded Israeli company active in the development, financing, operation and management of solar energy projects.

Through its full subsidiary the Jordan Valley Solar Project Company Menorah Mivtahim Energy Ltd., the company is in the process of initiating a 360MW solar energy project in the Jordan Valley in the occupied West Bank. The project, which takes up a total of 3,000 dunams of occupied land, is currently in the planning stages before the Supreme Planning Council of the Israeli Civil Administration in the West Bank.

The company entered into option agreements with 13 settlements for the right to use their land for a period not exceeding 24 years and 11 months in exchange for a fixed annual usage fee. The company noted that it may, to the extent required by the Israel Land Authority, act through a joint corporation with the settlements to carry out the project, in which Teralight will hold 74% and the settlements would hold the remaining 26%.

During 2019, the company commissioned a survey conducted by the Israel Electric Company (IEC) which supports the project and approves its connection to the electricity grid during 2022-2023.

In March 2020, Menorah Mivtahim C.S Solar Investments 1 Ltd, a fully owned subsidiary of Teralight, won an Israeli Civil Administration tender for setting a tariff for electricity generation using photovoltaic technology in facilities in the West Bank that will be connected to high and low voltage. The tender involves a total installed capacity of 9.97 megawatts. For the purpose of establishing and operating the project, the company and the settlement of Na’ama in the Jordan Valley established a company in which they hold 74% and 26% stakes, respectively. The project was originally established in partnership with Canadian Solar, but Teralight acquired its rights in the project in February 2021.

In 2022, Menorah Mivtahim Energy was selected to participate in a pilot program launched by the Ministry of Energy and the Ministry of Agriculture & Rural Development to examine the feasibility of the dual use of agricultural land for electricity generation from solar energy. As part of the project, the company will collaborate with Ariel University to construct an agro-voltaic facility in a vineyard in the settlement of Beka’ot in the Jordan Valley.

In September 2021, the company acquired 75% of the shares of Dunmore, a solar project in Alberta, Canada with a capacity of approximately 258 megawatts.

In March 2022, the board of directors approved a plan to expand into the field of investment in solar projects in the UK. Investments will be carried out in collaboration with local partners who will invest 10% in the projects.