“Enlight Renewable Energy” plans to form a joint venture with the Israeli natural gas producer “NewMed Energy” to develop renewable energy projects in several countries in North Africa and the Middle East, including Morocco including Arabia Saudi Arabia and Oman, countries with which Israel has no official ties.
Israeli energy companies Enlight Renewable Energy and NewMed Energy on Monday (August 15th) signed a cooperation agreement to jointly develop and operate energy projects in seven MENA countries, including Morocco.
Enlight Renewable Energy (ENLT) announced the signing of the agreement for “the initiation, development, financing, construction and operation of renewable energy projects in Morocco, United Arab Emirates, Bahrain, Oman , Saudi Arabia, Egypt and Jordan”.
The joint venture “will capture what we see as a huge opportunity in the region, which started with natural gas, a development largely led by NewMed,” Gilad Yavetz, chief executive of Enlight, told reporters at a conference call. press, report Bloomberg. Therefore, Enlight and NewMed intend to engage a local partner to assist them in any projects they undertake.
NewMed has yet to present the deal to its shareholders, while Enlight has not.
“Together we can be very competitive with the biggest players in this field in the world,” Gilad said. MENA countries see the importance of renewable energy. Accordingly, the two companies intend to combine NewMed’s ties in the region with Enlight’s expertise in green energy.
They will target a market that includes Saudi Arabia, Morocco, United Arab Emirates, Bahrain and Oman, as well as Jordan and Egypt, where NewMed, formerly known as Delek Drilling, is already a supplier of energy.
“For many years, for many of these countries, oil has been the key to success, a strong economy and a future. But now they see that may not be the future and they look to Israel, which has been very strong without having natural resources for most of its existence,” the relations expert said. international studies Yonatan Freeman of the Hebrew University of Jerusalem.
