Aluma Fund Acquires Distributed Energy Firm for $73 Million

Infrastructure fund Aluma, co-founded by Ury Yogev, Muli Ravina, and Yair Hirsch, is expanding its energy arm, AlumaEnergy, with the acquisition of "OPC Distributed" from Idan Ofer's OPC company for NIS 272 million (approximately $73 million). The deal is expected to generate NIS 120 million in annual revenue and NIS 48 million in EBITDA for AlumaEnergy in its first full year of operation. OPC Energy will recognize a profit of NIS 65-75 million from the sale.

"OPC Distributed" operates 12 distributed electricity generation facilities located at consumer sites, such as hospitals, industrial plants, and malls, with contracts ranging from 15 to 25 years. These facilities have a total capacity of 52 megawatts, complemented by nearly 200 megawatt-hours of storage and 3 megawatts of rooftop solar. AlumaEnergy plans to integrate cogeneration units to enhance efficiency and synergy with its existing operations, while also entering the energy storage and surplus electricity trading markets, aiming to create a comprehensive "one-stop shop" for energy solutions.

This acquisition follows Aluma's recent purchase of "Supergas Natural" in July for NIS 395 million, which added 33 megawatts of capacity and expanded its reach into natural gas for transportation. AlumaEnergy's CEO, Amit Pergamant, transitioned from Supergas to lead the energy division. Discount Capital recently invested NIS 80 million in AlumaEnergy for a 16.5% stake, valuing the arm at approximately NIS 400 million.

Aluma's other ventures include a 20% stake in energy efficiency firm ESCO and a 91% holding in "Agamim Be'yarok" (formerly Tever), which builds and operates communication sites. The fund also has interests in environmental services, including waste collection, construction material recycling, and organic waste management.

This acquisition is Aluma's second major transaction following its exit from the telecommunications company Accelerate, where it sold its 81.6% stake for NIS 408 million. Aluma previously sold its 38% stake in ESCO for NIS 61 million. Aluma's stock has risen 23% this year, with a market cap of NIS 319 million.