Shamir Energy and Clal Insurance Invest 307 Million Euros in European Energy Projects

Shamir Energy and Clal Insurance have finalized a deal to invest 307 million euros in the development of energy production and storage assets across Europe. The investment will be made through Shamir Energy Global, a subsidiary of Shamir Energy. In return for its investment, Clal Insurance will receive 15% ownership of Shamir Energy Global. Clal will also receive 49% of the cash flow generated by the projects until it recoups the excess capital invested compared to Shamir, after which it will receive 30% of the cash flow.

The partnership will be managed by a dedicated entity fully owned by Shamir Energy, holding 85% of the partnership's equity rights. This entity will focus on identifying and executing targeted investments according to a pre-agreed investment policy and parameters. Tomer Nir will oversee the operations.

This investment comes amid the growing demand in the European energy market for increased production and storage capacity, driven by the rapid transition to renewable energy sources and the need to upgrade and support advanced electricity infrastructure. The deal was led by Guy Shamir, Deputy CEO of Mivtach Shamir, and Barak Benski, CEO of Kanaf, Clal's investment arm.