Retired major general Israel Ziv and renewable energy company Doral are advancing plans to take Tmnat Energy public on the Tel Aviv Stock Exchange. According to a report in Calcalist, the solar and energy storage company is preparing a bond raise of NIS 100 million to NIS 200 million as a preliminary step before a share offering.
The owners value Tmnat at NIS 400 million to NIS 500 million. Tmnat is a private company founded in 2009 and is currently held by Gamawan, owned by Ziv, with 59.1%, Doral Energy with 23.1%, and private investors with 17.8%. The company employs about 30 people.
Tmnat’s business is split into three main arms, project development in Israel, project development in Europe, and EPC, engineering, procurement and construction. Its development units identify, develop and advance renewable energy projects, build energy storage facilities, and work on agrivoltaic projects, while the EPC arm provides engineering, procurement and construction services for energy projects.
The company works with local authorities, public bodies and business customers. It also holds 20% of Doral Municipal, a joint venture with Doral that works with municipalities to establish local energy corporations. In Israel, Tmnat has a portfolio of projects at different planning stages totaling about 1 gigawatt, and abroad it operates in Romania, Bulgaria, Serbia and Germany, with projects and assets in various stages of development. Across all its markets, the company says its project pipeline totals about 2 gigawatts.