- Enlight Renewable Energy (ENLT, Financial) partners with Vishay Israel in a $105 million, 12-year electricity supply agreement.
- The deal is a significant addition to Enlight's Israeli client portfolio and includes potential to increase consumption volumes.
- Vishay aims to cut electricity costs and emissions equivalent to planting 740,000 trees annually.
Enlight Renewable Energy (NASDAQ: ENLT) has entered into a substantial power supply agreement with Vishay Israel, valued at approximately $105 million over a period of 12 years. The contract includes an option for Vishay to increase consumption volumes during its duration, further solidifying Enlight’s presence in Israel’s renewable energy market.
This partnership adds Vishay, a leader in semiconductor and electronic component manufacturing, to Enlight's expanding roster of major Israeli clients. Other notable clients include the Weizmann Institute of Science, NTA Metropolitan Mass Transit, Amdocs, Big Shopping Centers, SodaStream, and Applied Materials. By securing this agreement, Vishay will not only reduce its electricity expenses but also significantly lower its carbon emissions, an effort comparable to planting around 740,000 trees or removing 17,000 fuel-powered vehicles from operations each year.
The deal reflects a strategic move to capitalize on Israel's deregulated electricity market, which allows large power consumers like Vishay to make direct agreements with energy producers. Enlight, holding the largest renewable energy portfolio in Israel, continues to spearhead the country's transition to sustainable energy solutions.
According to Gilad Peled, CEO of Enlight MENA, this collaboration underscores a commitment to environmental responsibility, setting a benchmark for others in the sector and showcasing the dual benefits of sustainable energy solutions. Meanwhile, Boaz Bazak, Director of IEHS at Vishay Israel, emphasized the agreement's alignment with the company's sustainability goals and its potential to enhance operational efficiency with lower energy rates.
