Sunflower Completes Acquisition of Solar Energy Projects from Solterra and Brand in Europe

Sunflower has finalized its acquisition of solar energy projects from Solterra and Brand located in Poland, Italy, and Germany. The deal, completed two days ago, involved Sunflower paying Brand 11.2 million shekels for 50% of the joint venture shares between Brand and Solterra, which is controlled by Kfir Zilberman. Additionally, Sunflower acquired Solterra's solar operations in Germany.

As part of the transaction, Sunflower will repay loans amounting to 5.2 million euros (approximately 18 million shekels) that Brand had extended to its subsidiary. Brand, controlled by Liran Giladi, will receive a total consideration of 33 million shekels and is expected to report a profit of 19 million shekels in its third-quarter financial statements.

Solterra will receive 14 million shekels in cash and 4% of Sunflower's shares valued at 16.4 million shekels. The funds Solterra receives will be used to repay loans it obtained from Brand and other parties. This acquisition expands Sunflower's footprint in the European solar energy market and strengthens its financial position.