Sunflower Deepens Europe Push With €64 Million Deal for Solar and Storage Projects

Sunflower, the renewable-energy company controlled by Keystone and led by Shahar Ben Moyal, has turned a memorandum of understanding into a binding agreement to buy development-stage solar and storage projects in Germany, Poland and Italy. The seller is Brand and Solterra. The portfolio’s maximum potential capacity is about 240 megawatts of solar power and 7.7 gigawatt-hours of storage, and the purchase price is 64 million shekels.

Of that amount, 45.5 million shekels will be paid in cash and the rest through Sunflower shares issued to the sellers. Under the deal, Sunflower will allocate Brand and Solterra 4% of its shares at a company valuation of 480 million shekels, implying about 19 million shekels for the stock portion, though that is 22% above the company’s current market value, which places those shares at about 16 million shekels.

Most of the portfolio’s more advanced assets are in Germany and Italy, totaling 156 megawatts of solar and 1 gigawatt-hour of storage. Those projects are in permitting, advanced permitting, or ready-to-build stages, and the company estimates that by 2028 most will reach at least construction, with some already generating power. In their first full operating year, the package is expected to produce 39.3 million euros in revenue and 32.9 million euros in EBITDA.

The binding agreement follows an April memorandum that covered a larger portfolio of 305 megawatts of solar and 6.6 gigawatt-hours of storage, but due diligence changed the mix of assets included. The acquisition comes only days after Sunflower signed another memorandum to buy a 137-megawatt solar portfolio in Spain for 90 million euros, about 310 million shekels, including 85 megawatts already connected to the grid and producing, and 52 megawatts nearing completion.

The foreign expansion is part of Sunflower’s plan to reach 500 megawatts operating or ready to build by the end of 2027 and 1,000 megawatts by the end of 2030. At the end of the first quarter of 2026, the company had 94 megawatts connected to the grid and another 16 megawatts under construction or ready to build, meaning it will need to keep buying large project portfolios. The main growth opportunity, the company said, is in Europe rather than Israel.