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Enlight Renewable Energy set to remain without controlling shareholder

May 8, 2018

Photo: Pixabay
Enlight Renewable Energy set to remain without controlling shareholder

Israel’s Eurocom Communications, which is undergoing liquidation proceedings, is seeking to sell its 14.8% holding in Enlight Renewable Energy Solutions Ltd., the company building two wind farms in Croatia and Serbia, with rights for the construction of a third in Kosovo*, Globes has reported.

Eurocom will reportedly sell together with the Weil family, which has an 8.3% stake in Enlight, in what will leave the Israeli renewable energy developer without a controlling shareholder.

In Croatia, Enlight is “on the verge of commercial operation” of the 49 MW Lukovac wind energy project that should generate EUR 14 million a year, while in Serbia, operation of much larger wind energy project is scheduled to begin within a year and generate EUR 28 million in annual revenue, the Israeli portal wrote.

Kovačica, Enlight’s 104.5 MW wind farm under construction in Serbia, is being built under a EUR 189 million investment, backed by EUR 142 million in lending.

Enlight’s rights in Kosovo* are for a 105 MW wind energy project worth an estimated EUR 140 million-EUR 180 million. Construction works are expected to start next year, while the wind farm should be operational in 2020.

( * This designation is without prejudice to positions on status and is in line with UNSCR 1244/99 and the ICJ Opinion on the Kosovo declaration of independence.)