Sunol Partners with Enlight for High-Voltage Energy Storage Initiative
Overview of the Partnership
Sunol Real Estate and its parent company Sunol Israel, owned by Dudi Weissman, have entered into an agreement with renewable energy firm Enlight to establish and operate independent high-voltage energy storage facilities across selected locations in Israel. This collaboration aims to enhance energy management and efficiency in the country’s electrical grid.
Key Project Details
Under the terms of the agreement, the Sunol Group and Enlight, led by Adi Leviathan, will construct a network of storage facilities with a total capacity of up to 900 megawatt-hours (MWh). The estimated investment for this venture is approximately 450 million shekels. The joint project will operate through a newly formed company that will manage both existing and future sites owned by Sunol, primarily by Sunol Real Estate and partially by Sunol Israel.
Rental Agreement Structure
The joint company will have the option to lease each site for an initial period of five years. Following the transfer of site management, a 25-year lease period will commence, during which the joint company will pay annual rent to Sunol Real Estate. This rental fee will be calculated based on factors such as site area, location, and the storage capacity of the facility.
Financial Implications
In addition to rental payments, Sunol Real Estate will benefit from a share of the returns generated by the joint energy storage operations. The total economic potential from this partnership is estimated to include additional annual rental income of 7 million shekels, as well as proceeds from grants and payments for the leasing options.
Strategic Advantages
Sunol and Enlight are poised to leverage start of Sunol’s substantial advantages: its connectivity to the electric grid. Both parties plan to incorporate solar panel installations on the roofs of Sunol’s fueling stations as part of their project. This initiative aligns with Enlight’s strategy to boost collaboration with leading income-generating real estate companies, maximizing commercial opportunities in energy storage and production.
Regulatory Considerations
The implementation of this project hinges on the approval of new high-voltage independent storage quotas by Noga, the electricity network manager. Successful execution of this initiative aims to enhance grid resilience while addressing peak electricity demands efficiently.
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