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Israeli companies tout big plans to develop renewable energy projects in MENA

20 13 1
17.08.2022

Israeli energy companies Enlight Energy and NewMed Energy, formerly Delek Drilling (part of Yitzhak Tshuva’s Delek Group), announced a plan this week to jointly develop, bankroll, build, and manage renewable energy projects across the Middle East and North Africa, including in countries with which Israel does not have formal diplomatic ties.

The companies said their partnership will aim to push into the renewable energy markets in Morocco, the United Arab Emirates, and Bahrain — signatories to the US-brokered Abraham Accords — as well as oil giant Saudi Arabia and Oman, with which Israel is said to maintain warm covert relations. Also on the list were neighboring countries Egypt and Jordan, with which Israel has longstanding peace agreements and natural gas export agreements. In June, Israel signed a new deal with Cairo and the European Union to export natural gas to the bloc via Egypt.

Enlight and NewMed said they plan to work on projects related to solar energy, wind energy, and energy storage projects in these countries and explore new opportunities in the region.

Enlight specializes in developing and financing renewable energy projects such as solar and wind facilities that generate green energy worldwide, with ongoing projects in Israel, the US, Sweden, Spain, Serbia, Hungary, and Croatia. The company was founded in 2008 and is listed on the Tel Aviv Stock Exchange.

Delek Drilling, alongside various partners, led the discovery and development of Israel’s Leviathan, Tamar, Karish, and Tanin natural gas fields off the Mediterranean coast. Under a controversial natural gas framework agreement in 2015, the Israeli government required Delek to sell its holdings in Tamar, Karish, and........

© The Times of Israel


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