Enlight to purchase electricity from Rapac Energy for half a billion shekels
Enlight has signed a 12-year agreement to purchase green electricity from Rapac Energy. The total consideration for the deal is estimated to reach approximately 495 million shekels.
Enlight will purchase green electricity from Rapac Energy for nearly half a billion shekels in an agreement spanning 12 years. Enlight Enterprise, the electricity supply arm of the renewable energy group Enlight, will purchase electricity produced and stored in solar facilities with integrated storage, featuring a capacity of 57 MW and a storage capacity of 225 MWh.
The consideration for the deal is expected to amount to 35 million shekels per year based on current electricity prices. While the nominal total is 420 million shekels over the contract period, Rapac estimates that the aggregate consideration will reach 495 million shekels, accounting for expected electricity price increases.
This is Enlight's second green electricity purchase agreement in recent months, following a May deal with Shamir Energy for electricity from storage projects with a capacity of approximately 350 MWh. Supplies under that agreement will begin in 2027 for a 12-year term, with a cumulative consideration expected to reach about 240 million shekels.
Enlight is purchasing electricity from Rapac Energy and Shamir to fulfill its supply obligations to business customers. Earlier this month, Enlight signed a five-year agreement with the Gadot group to supply 100% of the electricity for Gadot Pi Glilot, a subsidiary operating fuel terminals. In December, Enlight signed a 15-year agreement with real estate firm Mivne for the supply of electricity to its properties, with a cumulative consideration of about 1.5 billion shekels. Other recent contracts include an agreement with Vishay Israel for approximately 380 million shekels, as well as agreements with NTA and the Weizmann Institute.
Beyond corporate supply, Enlight operates a partnership with Supergas Power called Super Power Electricity (35% stake), which focuses on private customers. Earlier this month, Super Power signed an agreement with Nofar Energy for the supply of 50 MW of electricity with 250 MWh of storage from facilities to be built between 2027 and 2029. The cumulative consideration for this agreement is expected to be 600 million shekels, potentially rising to 740 million shekels.
Rapac Energy, the energy arm of Rapac Communication, controlled by Tanhum Oren (50%), began trading on the Tel Aviv Stock Exchange in July with a post-money valuation of 1.7 billion shekels. Managed by Itay Hagai, the company holds the 813 MW MRC Alon Tavor power station in partnership with the Generation fund and Mivtach Shamir. Rapac is also a partner in the Reindeer power station, currently under construction with a planned capacity of about 900 MW. As part of arrangements ahead of the acquisition of Shikun & Binui Energy by Generation, Rapac will purchase Generation's share in MRC and sell its share in Reindeer.
As of the end of June, Rapac Energy held renewable energy facilities in commercial operation with a capacity of 193 MW and 97 MWh of storage. Additionally, it had facilities with a capacity of 495 MW and approximately 2.9 GWh of storage under construction or in preparation.
