Enlight announced the acquisition of rights in a solar project in Hungary

Enlight today announced the acquisition of rights in a solar project in Hungary, amounting to 60 megawatts - an acquisition that joins a series of deals made this year by the renewable energy company. Since the beginning of the year, Analyte, under the management of Gilad Yavetz, has carried out transactions totaling NIS 1.4 billion for projects costing NIS 1.6 billion to set up. This is the highest amount the company has invested so far in one year.
The power threshold to be derived from the transactions made this year is estimated at 13 gigawatts of electricity, and an additional 5.5 gigawatts in storage systems. The cost of the project that Enlight reported today has not yet been announced.
In January, the company invested in a combined solar storage project in Israel, with a capacity of 195 megawatts and a construction cost of NIS 650-750 million. In April this year, it invested in Hungary in a 25-megawatt project with a construction cost of NIS 55-63 million, and in Finland, Enlight entered the second quarter to invest in a project that provided 192 megawatts and its construction cost is estimated at NIS 750 million.
The two big deals this year were the acquisition of the American Clinera in June, which comes with a backlog of 50 projects to build 12 gigawatts of electricity and another 5.5 gigawatts in storage, and a deal in Spain, in which Analite entered investment in August in 10 projects producing 490 megawatts . The payment in Spain, in a maximum amount of 45 million euros, will be made when the projects mature. In addition, the company entered another project in Israel last month, with a capacity of 40 megawatts and a construction cost of NIS 115-140 million.
The project in Hungary, named Tapolca, is the fifth in a series of Analite's ground solar farms in Hungary. Depending on the projected production capacity of the project, the company estimates that revenues from electricity receipts are expected to be 3.5-4.5 million euros per year for the life of the project - about 35 years.
As part of the projects that Enlight has set up so far in Hungary, three are with 57 megawatts, and Enlight has successfully launched them commercially in 2020. The fourth project with 25 megawatts, purchased this year, recently completed its construction approvals, and construction is expected to begin next year.
The Tapolka project is located next to some of the solar farms that Enlight has set up in Hungary, and is expected to increase its accumulation of projects in the country to about 142 megawatts. At the same time, the company continues to examine additional projects within the framework of the cooperation agreement with the sellers. It intends to develop an additional 200 megawatts of solar projects in Hungary.
The current project purchased is in advanced stages. Most of the development stages have been completed, including the acquisition of land rights, the designation procedures and the agreement to connect to the electricity grid, but the building permits have not yet been received.
The regulation for large projects in Hungary stipulates that the electricity generated in the project will be sold under free market conditions in the country. To this end, Analyte is expected to examine options for entering into commercial electricity sales agreements (PPAs) for some of the electricity produced. It should be noted that electricity prices in the free market in Hungary are on average higher than those in neighboring countries.