Soleir Advances First Wind Project Amid Major Chilean Developments

Soleir, a company controlled by co-CEOs Paula and Alon Shegev, is moving forward with its first wind energy project in southern Chile, located in Calbuco. The company has secured $65 million in financing for the project's construction, plus an additional $6.3 million for guarantees and VAT payments. This wind farm will have a capacity of 47 megawatts and 80 megawatt-hours of storage. Soleir holds a 47% stake in the project, which began construction in 2025 and includes an 11-year power purchase agreement. The company anticipates annual revenues of 48 million shekels and EBITDA of 37 million shekels, with completion and grid connection expected in 2027.

This wind project, alongside a separate 53-megawatt solar project with 220 megawatt-hours of storage also under construction in Chile, is set to significantly increase Soleir's operational capacity in the South American country. Currently, Soleir operates only 6 megawatts of solar capacity in Chile. The company's largest operational asset to date is in Spain, with 89 megawatts connected, alongside smaller installations in Israel and Poland, totaling 107 megawatts.

Soleir is actively expanding its portfolio, recently agreeing to acquire 268 megawatts of solar projects in Poland (in partnership with Clal Insurance) and signing a memorandum of understanding for 175 megawatts of solar projects in Spain. Additionally, Soleir is developing 200 megawatts of solar projects with 524 megawatt-hours of storage in Spain, slated for connection in 2026-2027. The company also has approximately 1.1 gigawatts of projects nearing construction across Italy, Spain, and Chile.

Chile remains a key focus for Soleir's expansion. Beyond the wind and solar projects, the company is advancing plans for a desalination plant near its solar facilities in the Atacama Desert, intended to supply mineral mining operations. The planned capacity for this plant has been doubled to 110 million cubic meters annually. Concurrently, Soleir is developing a data center project nearby, with an initial planned capacity of 300 megawatts, potentially reaching 4 gigawatts.

Financially, Soleir reported an operating loss of 25.6 million shekels for the first half of 2026, an increase from 4.8 million shekels in the same period last year. This was exacerbated by 83 million shekels in financing expenses due to the strengthening shekel, resulting in a net loss of 100 million shekels compared to a profit of 13 million shekels in the first half of 2025. Despite these losses, Soleir's stock has seen significant gains, rising 119% in the past year, reaching a peak market value of 2.6 billion shekels in late July, though it has since seen a slight decrease.