Keystone Chairman: SunFlower is Our Renewable Energy Arm
Ronnie Biram, Chairman of Keystone Infrastructure, has declared that SunFlower, the company's renewable energy subsidiary, will be the sole platform for its future growth in the renewables sector. Speaking at a special conference on renewable energy, Biram emphasized the surging demand for electricity, driven significantly by the AI revolution and its massive data center requirements. He stated that Keystone views the electricity market as a key growth area for the coming years, with AI creating unprecedented demand both domestically and globally.
While Keystone operates conventional power plants, including three currently running and two more under development, Biram stressed the strategic importance of expanding its renewable energy activities through SunFlower. This consolidation means future renewable growth will be channeled through the publicly traded company, rather than parallel platforms. Biram highlighted that AI infrastructure requires chips, capital, and electricity, predicting substantial electricity demand for at least the next decade, positioning SunFlower favorably.
SunFlower, which Keystone and its controlling shareholders have been involved with since 2008, was one of Israel's earliest public companies in the electricity sector. Biram acknowledged past regulatory setbacks in Italy and Spain that slowed the company's progress and valuation compared to some competitors. However, he expressed confidence in SunFlower's new management team and ambitious growth targets: aiming for 500 megawatts by the end of 2027 and a full gigawatt by 2030.
Shachar Ben Moyal, CEO of SunFlower, provided financial projections, forecasting approximately 585 megawatts by 2029, with revenues of around NIS 500 million and EBITDA of approximately NIS 400 million. This projection suggests SunFlower's 2029 EBITDA could equal its entire market valuation. Biram also noted Keystone's recent 10% increase in its stake in SunFlower, underscoring their belief in the company as a growth engine. He assured that Keystone is committed to providing SunFlower with all necessary funding to achieve its objectives.
