Rabat – Israeli energy companies Enlight Renewable Energy and NewMed Energy signed on Monday a cooperative agreement to jointly develop and operate energy projects in seven countries from the MENA region, including Morocco.
Enlight Renewable Energy (ENLT) announced the signing of the agreement for the “initiation, development, financing, construction, and operation of renewable energy projects in Morocco, the United Arab Emirates, Bahrain, Oman, Saudi Arabia, Egypt, and Jordan.”
The collaboration will bring to light the great experience and expertise of the two Israeli companies in the field of energy, said the same source, adding that it aims to promote projects of mutual benefit in the countries of the region.
“The venture will exploit what we see as a very large opportunity in the region that began with natural gas, a development led to a large extent by NewMed,” Bloomberg quoted ENTL’s Chief Executive Office Gilad Yevertz as saying.
“Together we can be very competitive with the largest players in this space in the world,” stressed Gilad, adding that “the MENA countries see the importance of renewables.”
In separate disclosures to the Tel Aviv Stock Exchange (TASE), the two companies said that the projects will focus on several areas, including solar and wind power production, and energy storage.
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Established in 2008, Enlight Renewable Energy is a “global renewable energy developer and independent power producer” that generates clean energy across Israel, Europe, and the United States, according to the company’s website.
Formerly named Delek Drilling, NewMed Energy is a gas and oil exploration company. Founded in 1993, the company “made history with its unprecedented agreements with Egypt, Jordan, and the UAE, which strengthened peace and increased stability in the middle east,” NewMad Energy said on its website.
After signing the trilateral agreement in December 2020, Morocco and Israel’s relations continue to exponentially increase in various sectors, including renewable energy.
