Electra Power is pulling out of the PV market, it said in a recent statement to the Tel Aviv Stock Exchange. It also said it is in “advanced negotiations” to sell its PV activities for ILS 20 million ($5.25 million) to ILS 30 million.
Electra Power said that it would rather focus its activity on LPG, natural gas and other electricity sources.
According to the company's financial report for 2022, its PV operations were based on renting commercial rooftops and agricultural areas throughout Israel, constructing PV plants there, and selling them.
Popular content
The company had an installed capacity of 4.7 MW and a project backlog of 25 MW in 2022.
“We haven't yet signed an agreement for the selling of our PV activity, and we can not assume whether our current negotiations will finalize,” the company said. “As per the assumed value of the deal, we are expected to report a loss of ILS 30 million to ILS 40 million in the third quarter of 2023 for our PV investment.”
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.