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Israeli Firm Stark Power Acquires Minnesota Power Plant for Up to $43 Million
Israeli energy firm Stark Power is expanding its U.S. operations by acquiring a Minnesota power plant and battery storage facility for up to $43 million. The combined project is expected to generate $30-33 million in annual operating profit and will include a 262 MW gas plant and an 80 MW battery storage system.
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What happened
- 01Stark Power will acquire a Minnesota power plant and battery storage facility for up to $43 million.
- 02The combined project is expected to generate $30-33 million in annual operating profit (EBITDA).
- 03The acquisition includes a 262 MW natural gas power plant and an 80 MW battery storage system.
- 04The battery storage facility is slated to begin commercial operation in 2028.
- 05Stark Power was founded by former executives from Nofar Energy and Enlight Energy.
- 06The company projects an annual cash-on-cash return on equity exceeding 18%.
Stark Power, founded by former executives from Nofar and Enlight, secured the deal with a mix of equity and credit lines, projecting over 18% annual cash-on-cash return.
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