Bezeq Gen Signs $1.2 Billion Agreement with Prime Energy: Long-Term Deal to Supply Electricity from Storage and Solar Facilities

Posted on Nov 3, 2024 by Ifi Reporter - Dan Bielski

Bezeq Gen, the private electricity supplier owned by Bezeq and Power Gen, has signed a significant agreement with Prime Energy, controlled by Yaron Kikoz and Hav AL. The deal, valued at approximately NIS 1.2 to 1.3 billion, will span 20 years and involves the purchase of electricity from Prime Energy’s storage and solar facilities.

Under the agreement, Bezeq Gen will directly purchase 320-megawatt hours of electricity, with additional supply provided by Power Gen. The total expected annual sales volume is around NIS 60 million, primarily sourced from Prime Energy’s existing and future storage facilities, totaling 400 megawatt hours, along with contributions from solar generation.

Market Reaction
Following the announcement, Prime Energy's stock surged approximately 14% on the Tel Aviv Stock Exchange, reflecting investor confidence in the company’s strategic positioning and the anticipated revenue from the long-term deal.

Power Gen's Role in the Energy Sector
Managed by Yoav Har-Evan, Power Gen serves as the energy division of Generation Capital, focusing on providing electricity to private customers, including households. This agreement comes as part of broader reforms in the electricity sector, which have increased competition and opened the market to private households.

Bezeq, under the leadership of Nir David, will leverage its customer recruitment capabilities and existing service infrastructure, while Power-Gen will supply electricity and expertise.

Recent Developments in Prime Energy's Valuation
In a related development, the Lahav Group announced a deal in June to acquire a 30% stake in Prime Energy for NIS 150 million, a valuation significantly higher than the company’s previous market capitalization of NIS 84 million. Currently, Prime Energy's trading value has increased to NIS 180 million, reflecting growing investor interest and confidence in its prospects.

As Prime Energy continues to expand its storage facilities, the new agreement positions Bezeq Gen to enhance its offerings in the competitive electricity market, further solidifying its role in the evolving energy landscape.


ABOUT IFI TODAY

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum

Newsline

Ben Gurion Airport Closure Delays Arrival of 15,000 Foreign Construction Workers

Jun 17, 2025 by Ifi Reporter - Dan Bielski

Eldad Nitzan, Chairman of the Foreign Construction Corporations in Israel, warned that the ongoing closure of Ben Gurion Airport is preventing the arrival of 15,000 much-needed foreign construction workers. These workers were expected to help alleviate the critical labor shortage in the... Continue reading →

IDF Officer Killed in Southern Gaza Blast; Several Soldiers Injured

Jun 16, 2025 by Ifi Reporter - Dan Bielski

Captain Tal Movshovitz , 28, from Me’ro’at , was killed Monday in an explosion that targeted an IDF Hummer vehicle in southern Gaza. The blast, which occurred during an operation by Battalion 12 of the Golani Brigade , also injured several other soldiers . Movshovitz... Continue reading →

IDF Confirms Death of Reserve Sergeant Noam Shemesh in Southern Gaza

Jun 16, 2025 by Ifi Reporter - Dan Bielski

The Israel Defense Forces (IDF) announced Sunday that Reserve Sergeant Noam Shemesh , 21, from Jerusalem , was killed in combat on Saturday in the southern Gaza Strip . Sergeant Shemesh served as a squad commander in the Shimshon Battalion of the Kfir Brigade and was fatally wounded by... Continue reading →


Testimonials

No testimonials. Click here to add your testimonials.