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.
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.”
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