Sunflower Expands Solar Portfolio to Spain with 137 MW Acquisition

Sunflower, an Israeli solar energy company managed by Shahar Ben-Moyal and controlled by Keystone Fund, has acquired three solar projects in Spain totaling 137 megawatts. This acquisition is expected to increase the company’s annual revenues by 19% and EBITDA by 17% initially. The binding agreement follows a memorandum of understanding signed in June and marks Sunflower’s first expansion beyond Israel and Poland, where it previously operated exclusively.

The newly acquired Spanish projects, completed and connected to the grid earlier this year, are projected to generate revenues of 7.5 million euros and EBITDA of 5 million euros in their first full year, equivalent to approximately 26 million and 17 million shekels respectively. By the end of 2026, Sunflower’s total connected capacity is expected to reach 300 megawatts, up from 94 megawatts at the end of 2025, including other ongoing acquisitions and developments.

In addition to power generation, the Spanish projects offer potential for adding about 500 megawatt-hours of energy storage capacity, with an estimated investment of 65 million euros. If completed, this would raise annual revenues from these projects to 38 million euros and EBITDA to 33.5 million euros. However, the company has not yet determined the timeline or scale for implementing the storage systems.

Sunflower estimates that over a 35-year lifespan, the Spanish projects, including storage, will generate revenues of 1.2 billion euros and EBITDA of around 1 billion euros. Earlier in July, Sunflower also completed acquisitions of solar and storage projects in Germany, Poland, and Italy with a combined potential capacity of approximately 240 megawatts solar and 7.7 gigawatt-hours storage.

The company’s market value has risen 54% over the past year to 417 million shekels.