According to the companies’ announcement, as in the case of their first project, the second project will also be developed together with Fusion Renewable and iSun, following the project in North and South Carolina, with a cumulative volume of about 650 megawatts (DC) at various stages of development and development.
The project company has an agreement for land rights in an area of about 10,500 dunams which has undergone engineering tests and preliminary planning and has been applied for connection to the electricity grid in the amount of 450 megawatts DC (320 megawatts AC) to Southern Company, which owns the power grid in Alabama.
Under the agreement, the project will be developed in three phases, with Modiin and Alon Gaz making a commitment to finance the development cost of the project in the amount of up to $ 7 million (Modiin part $ 3.5 million), based on an approved budget and meeting milestones.
The project will be developed through iSun Utility, a subsidiary of iSun, Inc., a US public EPC company whose shares are traded on Nasdaq (Nasdaq: ISUN), in collaboration with Fusion.iSun and Fusion committed to full development of the project, including engineering aspects, regulators, agreement The sale of electricity and reaching financial closure, including bank financing and the introduction of a tax partner (Tax Equity), until the project matures to the investment decision stage (Notice to Proceed).
Alabama is a state with little exposure to renewable energies. Today, only about 190 megawatts of photovoltaic projects are installed in Alabama out of the installed 30 gigawatts of electricity generation power. In the coming years, Alabama will be required to add many hundreds of megawatts of renewable energy, and the partnership between Modiin and Fusion-iSun is a leading entity with a strong local infrastructure and enjoys an initial advantage and leading local partners.
The investment in renewable energy is part of an overall business strategy of Energy Intelligence, designed to ensure additional growth engines, in parallel with the gas and oil activities in which Modiin operates and to adapt the nature of the changing energy world to emerging regulatory requirements. And anticipates the changes taking place in the energy world. Developing A Balanced Future
Yaniv Friedman, CEO of Modiin Energy: “We are continuing in partnership with Fusion and iSun for another significant project in the Southeastern United States. Alabama, a growing country with little exposure to electricity generation from renewable energies, needs a significant addition of renewable energy projects in the coming years. We continue to explore additional opportunities for project development in the area. ”
Modiin Energy and Alon Gaz were represented in the transaction by Adv. Assaf Rimon from the ERM firm
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