Energean Reports 128 Million Shekel Loss After Halting Golan Wind Project

Energean improved its operational performance in Q2 2026 due to new facility operations and higher electricity prices. However, the company recorded a 185 million shekel impairment linked to the suspension of its Aran wind project in the Golan Heights, resulting in a net loss of 128 million shekels for the quarter. The Aran project involved constructing 21 wind turbines with a capacity of 104 megawatts, but violent opposition from Druze residents in May, following a previous halt caused by conflict with Iran, forced the company to stop work.

Energean, led by Asa Levinger, had anticipated an impairment of up to 200 million shekels in Q1, which materialized as 185 million shekels in Q2. The company has redirected most turbines to other projects in Lithuania and Poland and plans to transfer the remaining four turbines there as well. Energean operates renewable energy facilities totaling 1.7 gigawatts of solar and wind capacity and approximately 500 megawatt-hours of storage, including 500 megawatts and 400 megawatt-hours in Israel, 780 megawatts of solar projects in the US, and the rest in Poland.

Since early 2026, Energean connected 67 megawatts of solar projects in the US and a 71 megawatt-hour storage project in Poland. It expects to add about 500 megawatts of capacity by year-end, reaching 2.3 gigawatts of commercial capacity and 600 megawatt-hours of storage. The company holds 2.4 gigawatts of projects and 1.8 gigawatt-hours of storage under construction or near completion, aiming for 9 gigawatts and 7 gigawatt-hours by 2030.

Energean is also expanding in Lithuania, with projects totaling about 900 megawatts and 650 megawatt-hours of storage. Recently, it signed a deal to acquire a 280-megawatt wind and solar project with 286 megawatt-hours of storage for 25 million euros, expected to be operational by the end of 2027.

The company’s Q2 revenues were 181 million shekels, down 2% year-over-year due to lower wind output in Poland and currency effects. However, higher electricity prices, new facility connections, and a 43% increase in income from US tax equity partners (77 million shekels) boosted EBITDA by 12% to 199 million shekels. Energean, controlled 49.4% by Alony Hetz, plans a 58 million shekel dividend payout in September. Its market value stands at 12.8 billion shekels, with its stock rising 38% this year, outperforming the TA Clintec index but lagging behind competitors Doral, Enlight, and Nofar Energy.